AERC is now a unit of Avista Corp. The main unit of AERC is Alaska Electric Light and Power Co. (AEL&P), the oldest regulated electric utility in Alaska.
In connection with the closing, Avista Corp. issued about 4.5 million new shares of common stock to the shareholders of AERC, at a price of $32.46 per share, which reflects a purchase price of $170 million, less outstanding debt and other closing adjustments.
Avista Corp., incorporated in 1889 and based in Spokane, Wash., is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is the operating division that provides electric service to 367,000 customers and natural gas to 326,000 customers.
Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million. Alaska Energy and Resources Co. is an Avista unit that provides retail electric service in the city and borough of Juneau, Alaska, through its unit Alaska Electric Light and Power Co.