Hydro One and Avista receive Federal Communications Commission approval for proposed merger
World News: . [Avista Corporation via Globe Newswire via SPi World News]
TORONTO and SPOKANE, Wash., May 07, 2018 (GLOBE NEWSWIRE) — Hydro One Limited (“Hydro One”) (TSX:H) and Avista Corporation (“Avista”) (NYSE:AVA) announced that on May 4, 2018, the companies received the Federal Communications Commission’s (“FCC”) consent to close their merger.
Applications for regulatory approval of the transaction are still pending with utility commissions in Idaho, Alaska, Washington, Oregon and Montana. An all-parties, all-issues settlement agreement was filed with the Idaho Public Utilities Commission on April 13, 2018. An all-parties, all-issues settlement agreement was filed with the Regulatory Commission of Alaska on April 3, 2018. An all-parties, all-issues settlement agreement was filed with the Washington Utilities and Transportation Commission on March 27, 2018.
Hydro One and Avista received antitrust clearance on April 5, 2018 after the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction received approval from the Federal Energy Regulatory Commission on January 16, 2018 and from Avista shareholders on November 21, 2017. Also required is clearance by the Committee on Foreign Investment in the United States as well as the satisfaction of other customary closing conditions. Hydro One and Avista continue to anticipate closing the transaction in the second half of 2018.
Investors:Omar JavedVice President, Investor Relations, 416-345-5943
Investors:Lauren Pendergraft, Investor Relations Manager, 509-495-2998
This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2017 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
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