Hydro One Ltd. has signed a deal to buy the U.S. energy company Avista Corp. of Spokane Washington for C$6.7 billion in an all-cash deal. The release says this will create one of the largest regulated utilities in North America. The Toronto-based Hydro One said Wednesday after the close of markets that it will pay C$67 per share in cash for the U.S. firm. “This transaction demonstrates the power and value of the transition into an investor-owned utility, by allowing for healthy expansion into new lines of regulated utility business and new jurisdictions, such as the U.S. Pacific Northwest which is experiencing customer and economic growth,” Hydro One CEO Mayo Schmidt said in a statement. Let’s hope Hydro One knows what it’s doing. No business like coal like business
