Hydro One, Avista merger approved by U.S. Federal Communications Commission

TORONTO – Hydro One Ltd. and Avista Corp. say the U.S. Federal Communications Commission has granted its consent to close their merger.

The companies say the FCC gave its approval on May 4 for a friendly deal announced last summer for the Ontario-based utility to acquire the U.S. energy company.

The agreement, which valued the company at $6.7 billion, received antitrust clearance in the United States in early April.

Avista shareholders and the U.S. Federal Energy Regulatory Commission have also already approved the deal.

It still requires several other approvals, including from utility commissions in the states of Washington, Idaho, Oregon, Montana and Alaska, as well as the Committee on Foreign Investment in the United States.

The companies say they anticipate closing the transaction in the second half of the year.

Companies in this story: (TSX:H)