By [email protected] Hydro One, the transmission and distribution grid utility serving Canada’s Ontario province, has issued an offer to acquire Spokane, Wash.-based electricity and gas utility Avista for $6.7 billion Canadian ($5.3 billion). It’s not the first, but it is one of the biggest, cross-border acquisitions to date in the North American utility landscape.
Under terms of the deal announced last week, Hydro One will issue common equity worth $1.4 billion Canadian (USD $1.12 billion), as well as $2.6 billion Canadian in debt, to buy Avista for $53 in cash per common share, a 24 percent premium from the previous day’s market
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