July 19, 2017 / 8:50 PM / in 5 months

Canadian utility Hydro One to buy Avista for C$6.7 bln

July 19 (Reuters) - Canadian electric utility Hydro One Ltd said on Wednesday it would buy U.S. rival Avista Corp for about C$6.7 billion ($5.32 billion) in cash.

Avista shareholders will receive $53 per share, a 22.3 percent premium to the company’s Wednesday close.

$1 = 1.2593 Canadian dollars Reporting by Ahmed Farhatha in Bengaluru; Editing by Anil D'Silva

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