SPOKANE, Wash. (AP) — The Spokane, Washington-based Avista Corp. and Hydro One Ltd. have abandoned plans for the Canadian utility to buy Avista.
The Spokesman-Review reports the two companies announced the termination of the proposed $5.3 billion deal Wednesday afternoon. Hydro One’s financing for the sale expires in April and the companies were facing a March 29 deadline to complete the transaction.
Both companies concluded it would be difficult to overturn the earlier denial of the sale by Washington and Idaho regulators in time to meet the deadline.
As required by the sales agreement, Hydro One, based in Toronto, will pay Avista a $103 million termination fee. Avista will use the money to offset expenses from the proposed sale and for other company purposes.