Avista has been purchased by Canada's Hydro One

Avista announced it will be aquired by the Toronto-based Hydro One Limited. Additional details will be revealed later today at a press conference, but according to a joint press release, Avista will retain its corporate identity, including its headquarters, and no workforce reductions are anticipated a result of the transaction.

Avista Corporation Chairman, President and CEO Scott Morris said, in the press release:

“For Avista, the decision to team up with Hydro One at a time of strength and growth represents a win for our customers, employees, shareholders and the communities we serve. Through this agreement, we have a unique opportunity to secure a partnership that allows us to continue to define and control, to a significant degree, future operations and opportunities in a consolidating industry landscape for the benefit of our customers. In Hydro One, we believe we’ve found a partner that allows us to preserve our identity and our proud legacy, while also preparing us for the future. We look forward to joining forces with Hydro One and its dynamic team.”