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Hydro One and Avista Call Off Merger

Jan 28, 2019 - Power, Finance and Risk

Toronto-based Hydro One has officially given up on its C$6.7 billion ($5.3 billion) acquisition of Spokane, Wash.-based Avista Corp. after the deal failed to win regulatory approvals.

The two companies agreed to terminate their merger agreement following orders from the Washington Utilities and Transportation Commission and the Idaho Public Utilities Commission rejecting the transaction (PFR, 1/8).

Avista will pick up a $103 million breakup fee from Hydro One as stipulated in the agr...