Avista has announced its shareholders have approved the utility company’s acquisition by the Canadian company Hydro One.
According to an Avista press release, the vote was nearly unanimous, with shareholders representing nearly 80% of Avista’s outstanding stock casting ballots.
Avista CEO Scott Morris said he’s pleased with the support for the transaction and says it represents a step forward for the company’s customers, employees and shareholders. He says the results of the vote will be filed with the federal Securities and Exchange Commission. The transaction is also subject to approval from regulatory agencies in five states plus the Federal Energy Regulatory Commission.
The merger was announced in July. Hydro One is an electricity transmission and distribution company based in Toronto. The combined company will serve more than two million commercial and industrial customers, with assets not only in the Northwest states, but also Alaska and Ontario.
Avista says it expects the sale will close during the second half of 2018.