Avista was sold for $5.3 billion to a Canadian company named Hydro One.
The deal was announced on Wednesday and according to a statement released by Avista, they will keep their corporate headquarters in Spokane and will operate as a stand-alone utility in Washington, Oregon, Idaho, Montana and Alaska.
Will this deal affect your utility rates? According to the companies, no. In fact, the companies claim an enhanced transmission and distribution system will achieve "operation excellence leading to cost savings over time."
HYDRO ONE FAQs (PDF file)
“For Avista, the decision to team up with Hydro One at a time of strength and growth represents a win for our customers, employees, shareholders and the communities we serve,” Scott Morris, head of Avista, said in a statement. “ In Hydro One, we believe we’ve found a partner that allows us to preserve our identity and our proud legacy, while also preparing us for the future. We look forward to joining forces with Hydro One and its dynamic team.”
The all-cash deal includes the assumption of Avista's $1.9 billion debt. Scott Morris will be CEO and Chairman of Avista.
(story: KHQ.com; image: Avista; video: Hydro One)