Hydro One Limited

Hydro One in its proposed $6.7 billion acquisition of Avista

Client

Hydro One Limited

Value

$6.7 billion

Service

Mergers and Acquisitions

Date Closed

Industry

Energy (Electrical Power)

Lead Office

Toronto

On July 19, 2017, Hydro One Limited and Avista Corporation announced their merger agreement whereby Hydro One would acquire Avista for $6.7 billion. With combined assets totaling $32.2 billion, this transaction would combine two leaders in the regulated utilities domain to serve customers across North America. On December 5, 2018, the Washington Utilities and Transportation Commission (UTC), released a decision denying the proposed merger of the two companies.  On January 23, 2019, Hydro One and Avista Corporation announced they had terminated the Merger Agreement and in connection therewith, Hydro One would pay to Avista Corporation a US$103 million termination fee.

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 Michael Innes, Amelia Miao, Blake Binions (Corporate), Firoz Ahmed, Drew Morier and David Davachi (Tax).