Hydro One Set to Buy Avista

Hydro One Ltd. (TSX:H) has signed a friendly deal to acquire U.S. energy company Avista Corp. for C$6.7 billion in an all-cash deal that would create one of the largest regulated utilities in North America.

The Toronto-based company said Wednesday after the close of markets that it will pay C$67 per share in cash for the U.S. firm. Shares in Avista closed Wednesday at US$43.33 on the New York Stock Exchange.

“This is really a proud moment for Canadians as we grow our business to become a North American leader,” said Hydro One CEO Mayo Schmidt during a press conference, adding Hydro One will be a more valuable company because of the transaction.