Alaska Electric Light and Power is merging with Washington-based Avista Corp., according to an announcement released Monday.
After approval of a board of directors, Alaska Energy and Resources Company — AEL&P’s parent company — signed a “definitive agreement” with Avista on Monday. Avista purchased AERC for $170 million, plus cash outstanding. The merger is expected to be completed by July 1, 2014.
The AERC board of directors “sought a new owner primarily due to continuity of ownership issues, the desire to provide AERC shareholders liquidity, and the need for sources of new capital necessary to meet the long term and growing electric requirements of Juneau,” according to the announcement.
AEL&P said in the statement that no jobs will be lost as a result of the merger and that all facilities will “continue to operate as they have in the past.”
Avista Utilities is an electric and gas utility headquartered in Spokane. The company provides utility services to parts of Idaho, Montana, Oregon and Washington.
This is a developing story. Please check back for updates.