Bracewell Represents Hydro One in Acquisition of Avista to Establish One of North America’s Largest Regulated Utilities
HOUSTON – Bracewell LLP is representing Hydro One Limited (Hydro One), Ontario, Canada’s largest electricity transmission and distribution provider, in the acquisition of Spokane, Washington-based Avista Corporation (Avista). The merger will create one of North America’s largest regulated electricity and natural gas businesses with more than C$32.2 billion (US$25.4 billion) in combined assets.
Hydro One and Avista jointly announced their definitive merger agreement on July 19, 2017, under which Hydro One will acquire Avista in a C$6.7 billion (US$5.3 billion) all-cash transaction. The merger will bring together two industry-leading regulated utilities with more than 230 years of collective operational experience. The combined entity will serve more than two million retail and industrial customers and hold assets throughout North America, including Ontario, Washington, Oregon, Idaho, Montana and Alaska.
The transaction was unanimously approved by the Boards of Directors of both companies and is expected to close in the second half of 2018, subject to certain regulatory and government approvals and clearances.
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Bracewell lawyers involved in this transaction include:
Partners: Cathy P. McCarthy and Rebecca L. Baker
Associates: Eric S. Lai