Analyst says Spokane-based utility remains takeover target
SPOKANE, Wash. (AP) — Spokane-based Avista Corp. remains a likely takeover target, even though the utility’s plan to be purchased by a Canadian company is apparently dead.
A financial analyst told The Spokeman-Review Thursday that Avista probably won’t remain a stand-alone company.
Shahriar Pourreza, an analyst for Guggenheim Securities, also says Avista should not appeal the state’s decision to squash its sale to Toronto-based Hydro One Ltd. for $5.3 billion.
The Washington Utilities and Transportation Commission shut down the sale on Wednesday by withholding its approval. Commissioners said the deal was too risky because of the province of Ontario’s interference in Hydro One’s affairs for political reasons. The proposed sale failed the state’s requirement for leaving Avista’s customers’ better off.
Avista ranks 46th out of 50 publicly traded utilities in the U.S. in size.
Information from: The Spokesman-Review, http://www.spokesman.com