Shares of Spokane, Washington-based electric and natural gas utility Avista Corporation (NYSE: AVA) stock are up 20.7% as of 3:05 p.m. EDT.
Hydro One, the largest power transmitter in Ontario, Canada, announced after close of trading yesterday that it will be acquiring Avista Corporation for $53 per share in cash, or $5.3 billion in all. The buyout price is said to represent a 24% premium over Avista’s share price as of market close on July 18.