Avista Corp.'s shareholders gave their approval to the company's pending acquisition by Hydro One Ltd., with more than 77% of the outstanding common shares voted in favor of the US$5.3 billion all-cash deal, according to a Nov. 21 SEC filing.
Under terms of the deal announced in July, Avista shareholders will receive $53 per share, other than dissenting shareholder shares and Avista shares owned by Hydro One or any of its subsidiaries. The purchase price comprised of an equity purchase of $3.4 billion and indirect assumption of about $1.9 billion in debt.
The company expects the transaction to close during the second half of 2018. Upon closing, Avista will become an indirect subsidiary of Hydro One.
The proposed deal is subject to approval by a wide range of regulatory approvals, including that of the Washington Utilities and Transportation Commission, Idaho Public Utilities Commission, Oregon Public Utility Commission, Montana Public Service Commission, Alaska Regulatory Commission, and Federal Energy Regulatory Commission.