-Transaction on track to close in the second half of 2018, pending regulatory approvals-
TORONTO, Nov. 21, 2017 /CNW/ - Today, Avista Corporation (Avista) shareholders voted 98 per cent in favour of the proposed acquisition by Hydro One Limited (Hydro One). Approximately 79 per cent of shareholders with outstanding shares of common stock voted on the proposal.
"This is an important milestone that moves us closer to bringing together two historic companies," said Mayo Schmidt, President and CEO, Hydro One. "Today's vote demonstrates Avista shareholders' faith in Hydro One and our journey to become one of North America's leading utilities. Together, we will deliver long-term value and will become a leader in regulated electricity transmission and distribution as well as natural gas distribution and renewable generation businesses."
The final results of the vote will be filed with the U.S. Securities and Exchange Commission.
The transaction is expected to close in the second half of 2018, pending regulatory approval. Applications for regulatory approval of the transaction are still pending with utility commissions in Washington, Idaho, Oregon, Montana, and Alaska as well as with the Federal Energy Regulatory Commission. Upon closing, Avista will become a wholly-owned subsidiary of Hydro One.
About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, $25 billion in assets and annual revenues of over $6.5 billion. Our team of 5,500 skilled and dedicated employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km high-voltage transmission and 123,000 circuit km primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX: H).
Forward-Looking Statements and Information
This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
SOURCE Hydro One Limited
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