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A hearing in Olympia last May offered hints that Avista Corp.’s sale to Hydro One Ltd. was headed for trouble.
Hydro One’s chief executive officer was ousted Wednesday by Ontario’s new premier, and the utility’s entire board of directors submitted resignations.
Questions about foreign ownership and political influence were aired Tuesday during a regulatory hearing in Olympia on Avista’s proposed sale to the Canadian utility.
With little fanfare, Avista Corp.’s shareholders approved the sale of the 128-year-old company to Hydro One Ltd. on Tuesday. The sale is expected to be final in August.
Avista Corp.’s shareholders vote next week on Hydro One’s proposed $5.3 billion purchase of the Spokane utility. Scott Morris, Avista’s chairman and CEO, said the company has found the right partner in the Canadian utility and its CEO Mayo Schmidt.