On July 19th, 2017, Hydro One Limited (“Hydro One”) and Avista Corporation (“Avista”) jointly announced their merger agreement. Under this agreement, Hydro One will acquire Avista for $6.7 billion, with their combined assets totalling $32.2 billion. This transaction will unite two leaders in regulated utilities to serve customers across North America.
Hydro One is Ontario’s largest electricity transmission and distribution company, with distribution covering approximately 75% of the province. It is headquartered in Toronto, Ontario.
Avista is an electricity and natural gas company that serves parts of the states of Washington, Idaho, and Oregon. It is headquartered in Spokane, Washington.
Osler Hoskin & Harcourt LLP acted for Hydro One with a team consisting of Steven Smith, Michael Innes, Rosalind Hunter, James Brown, Jay Greenspoon, Lauren Lefcoe, Blake Binions, Arielle Kaplan (Corporate), Firoz Ahmed, Drew Morier and David Davachi (Tax).