Hydro One’s merger with US energy firm Avista clears another hurdle
US Committee on Foreign Investment has found no unresolved national security concerns.
TORONTO — Hydro One Ltd. and Avista Corp. say their proposed merger has cleared another hurdle in the US.
The two companies say the Committee on Foreign Investment in the US has completed a review of the deal and found no unresolved national security concerns.
The friendly deal announced last summer for the Ontario-based utility to acquire the US energy company received antitrust clearance in the US in early April and consent from the Federal Communications Commission on May 4.
Avista shareholders had previously approved the deal on Nov. 21, 2017.
The transaction still requires several other approvals, including from utility commissions in the states of Washington, Idaho, Oregon, Montana and Alaska.
The companies say they anticipate closing the transaction in the second half of the year.
Avista Corp. is involved in the production, transmission and distribution of energy as well as other energy-related businesses.