TORONTO – Ontario's largest power transmitter and distributor says it has signed a friendly deal to acquire U.S. company Avista Corp. for US$5.3 billion (CA$6.7 billion) in an all-cash deal.
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Hydro One said Wednesday it will pay US$53 (CA$67) per share for the utility.
Avista would keep its existing corporate headquarters in Spokane, Washington, and continue to operate as a stand-alone utility in Washington, Oregon, Idaho, Montana and Alaska.
Both companies say there will be no workforce reductions as a result of the merger.
Hydro One and Avista also say customer rates will not be affected by any of the costs associated with the transaction.