Avista To Buy Privately-held Alaska Energy And Resources Co.

(RTTNews) - Avista Corp. (AVA) Monday said it agreed to acquire Alaska Energy and Resources Company, a privately-held company based in Juneau, Alaska, for about $170 million, less the assumption of debt.

When the transaction is complete, AERC will become a wholly-owned subsidiary of Avista Corp.

The transaction will be funded through the issuance of Avista common stock to the shareholders of Alaska Energy. The transaction is expected to close by July 1, 2014, following the receipt of necessary regulatory approvals and the satisfaction of other closing conditions.

The company expects that the addition of AERC to Avista Corp. will be slightly negative to earnings in 2014, and that it will contribute positively to earnings in 2015.