Hydro One signs US$5.3 billion deal to buy Avista

    TORONTO (AP) — 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.

    The combined companies said Wednesday they will have $25.4 billion in assets.

    The companies will serve more than 2 million customers in Ontario, Canada, plus the states of Washington, Oregon, Idaho, Montana and Alaska.

    Avista will maintain its existing corporate headquarters in Spokane and will continue to operate as a stand-alone utility in the five states. Its management team and employees will remain in place and it will operate with its own board of directors.

    The companies said power rates will not be impacted by costs associated with the transaction.

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