Hydro One Ltd. has signed a friendly deal to acquire U.S. company Avista Corp. for C$6.7 billion in an all-cash deal.
The Ontario utility says it will pay C$67 per share in cash for the utility.
Under the agreement, Avista would keep its existing corporate headquarters in Spokane, Wash., and continue to operate as a stand-alone utility in Washington, Oregon, Idaho, Montana and Alaska.
The companies say there will be no workforce reductions as a result of the merger.
Hydro One and Avista also say customer rates will not be affected by any of the costs associated with the transaction.