Federal regulators have approved the proposed sale of Avista Corporation to a Canadian utility.
Under the proposal approved by the Federal Energy Regulatory Commission, Hydro One plans to buy Avista in a $5.3 billion cash purchase expected to close in August. Should the deal goes through, Avista would operate as a subsidiary of the Toronto-based utility, keeping its Spokane headquarters.
Avista’s sale must still be approved by utility commissions in Washington, Idaho, Oregon, Montana, and Alaska.
The Washington Utilities and Transportation Commission anticipates holding public meetings on the proposed sale in May. In addition, several more federal signoffs are needed.
The sale requires approval from the Federal Communications Commission and clearance from the interagency Committee on Foreign Investment in the United States.
The parties must also show that Hydro One’s purchase of Avista complies with U.S. antitrust regulations. (Spokesman-Review)
