Spokane based electric and natural gas utility , Avista Corp. made the announcement yesterday that the company will be acquiring a Juneau, Alaska based power company and entering into the Alaskan utility market for the first time in Avista's history.
Avista will pay $170 million in stock for the Juneau based Alaska Energy and Resources Co. , that company serves about 16,000 customers and operates the Alaska Light and Power Co. Most of the customers served by Alaska Light are in the Juneau / southern Alaska area. The company also employs about 60.
A press release on Alaska Light and Power Co.'s web site indicates that no jobs will be lost as a result of the sale and the corporate structure of that company will also remain the same.
Regulators will still need to approve of the sale and should the approval go thru Avista would close on this deal around July 2014. Upon completion of the acquisition , the Alaskan company would operate as a wholly owned subsidiary of Avista.
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