Northwest utility Avista sold to Canadian company for $5.3 billion

Avista, a major energy provider in the Northwest, is being sold for $5.3 billion to a Canadian energy company.

Hydro One, a public company based in Toronto, announced Wednesday it is paying cash for Avista, which provides natural gas and electric service to about 350,000 homes, businesses and other customers across Eastern Washington, northern Idaho, south and eastern Oregon and Juneau, Alaska.

The companies said the sale will create North America’s 20th-largest investor-owned utility, with $25.4 billion in combined assets and about 7,500 employees. Hydro One already powers 1.3 million customers in Ontario.

Mike Rosenberg: [email protected]

Full Story: http://www.seattletimes.com/business/economy/northwest-utility-avista-sold-to-canadian-company-for-53-billion/