Status:  Pending

 

Acquirer:  Hydro One Limited (Canada)

Acquired:  Avista Corporation (US)

Value:  Approx. US$5.3 billion

Industry:  Energy; Regulated Utilities


UPDATE: In relation to the July 19, 2017 merger agreement between Avista Corp. and Hydro One Limited, whereby Hydro One will acquire Avista Corp., Avista Corp. has disclosed that “[o]n February 9, 2018, Hydro One and [Avista Corp.] filed a draft joint voluntary notice of the acquisition with CFIUS …” (Avista Corp. Form 10-K, Feb. 21, 2018, SEC Filing.) Consummation of the acquisition is subject to the satisfaction or waiver the receipt of regulatory approval from CFIUS, among other agencies. (See id.)


Posted on August 3, 2017

Status: Upcoming/New Filing

On July 19, 2017, Avista Corporation, a Washington based energy company, and Hydro One Limited, a Canadian energy company, announced that they entered into a merger agreement whereby Avista will merger into Olympus Corp., a Washington corporation and wholly owned subsidiary of Hydro One, and survive as an indirect, wholly-owned subsidiary of Hydro One. (See Avista Form 8-K, Jun. 19, 2017, SEC Filing.)  “Hydro One will acquire Avista for C$67 (US$53) per share in a C$6.7 billion (US$5.3 billion) all-cash transaction.” (Avista Press Release, Hydro One to Acquire Avista to Create Growing North American Utility Leader with C$31.2 Billion in Enterprise Value, July 19, 2017.) The combination of “Hydro One and Avista will create a North American leader in regulated electricity and natural gas business with over C$32.2 billion (US$25.4 billion) in combined assets.” (Id.)  According to the merger agreement, CFIUS Approval is a condition to closing the merger.  (See Section 3.4,  Agreement and Plan of Merger, Avista Form 8-K, Ex-2.1, July 19, 2017.)