Avista Corporation shareholders have approved the sale of the company to Canadian utility Hydro One. 
About 98 percent of shareholders on Tuesday voted in favor of the $5.3 billion transaction, which is expected to be finalized next summer.
Hydro One is a Toronto-based utility that serves 1.3 million customers in suburban and rural Ontario.
Spokane-based Avista started exploring merger and sale options late last year. Several utilities expressed interest before Avista’s board of directors approved the offer from Hydro One.
Avista is keeping its corporate headquarters in Spokane, and the utility says customers will see very little change.
The sale must be reviewed and approved by state and federal regulators, which is expected to take about nine months.
Once the transaction is complete, Avista will operate as a wholly owned subsidiary of Hydro One.
(Spokesman Review)
