Avista Corporation (AVA)

[eFinanceMarkets]

$AVA Avista to be bought by Hydro One for $53/share

Avista (NYSE:AVA) +17.7% AH after agreeing to be acquired by Canadian electricity transmission and distribution company Hydro One (OTC:HRNNF) for US$53/share, a 24% premium over yesterday's closing price.

The C$6.7B (US$5.3B) deal would create a North American leader in regulated electricity and natural gas business with more than C$32.2B (US$25.4B) in combined assets.

AVA will continue to operate as a standalone utility in the U.S. Pacific Northwest, with its own board, management team and employees remaining in place.