Under proposed transaction, Hydro One would acquire Avista in $5.3bn all-cash transaction

Hydro One’s proposed $5.3bn merger with Avista has received antitrust clearance after the expiry of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

This expiration of the waiting period means that the parties have received antitrust clearance for their proposed merger and satisfies one of the closing conditions of the transaction.

Applications for regulatory approval of the transaction are still pending with utility commissions in Washington, Idaho, Oregon, Montana and Alaska.

An all-party, all-issues settlement agreement was filed with the Washington Utilities and Transportation Commission on March 27, 2018. An all-party, all-issues settlement agreement was filed with the Regulatory Commission of Alaska on April 3, 2018.

Approval must be obtained from the Federal Communications Commission. Also required is clearance by the Committee on Foreign Investment in the United States, as well as the satisfaction of other customary closing conditions.

The transaction received approval from the Federal Energy Regulatory Commission on January 16, 2018 and from Avista shareholders on November 21, 2017. Hydro One and Avista continue to anticipate closing the transaction in the second half of 2018.