Status:  Upcoming/New Filing

Acquirer:  Hydro One Limited (Canada)

Acquired:  Avista Corporation (US)

Value:  Approx. US$5.3 billion

Industry:  Energy; Regulated Utilities

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.)