Hydro One, an electricity transmission and distribution utility serving the Canadian province of Ontario, attempted to acquire Avista Corp, an American energy company, for C$6.7bn. Avista shareholders were to receive $53 per common share, representing a 24% premium to Avista's share price on July 18, 2017. The transaction would bring together two industry-leading regulated utilities with over 230 years of collective operational experience as well as shared corporate cultures and values. "This marks a proud moment for Canadian champions as we grow our business into a North American leader," said Mayo Schmidt, President and CEO, Hydro One Limited. "This transaction demonstrates the power and value of the transition into an investor-owned utility, by allowing for healthy expansion into new lines of regulated utility business and new jurisdictions, such as the U.S. Pacific Northwest which is experiencing customer and economic growth."