Seeking Alpha

Avista to sell Ecova unit to GDF Suez for $335M

  • Avista (AVA) +5% AH after non-regulated subsidiary Avista Capital agrees to sell its Ecova unit, which provides expense management services for utility and telecom needs, to Cofely USA, a subsidiary of GDF Suez (GDFZY, GDSZF) for $335M.
  • AVA says it expects to use most of the proceeds to buy back stock and invest in its businesses.
Comments (1)
  • Dividend Sleuth
    , contributor
    Comments (2456) | Send Message
     
    This appears to be a successful result of the plans management outlined in their recent conference calls. They said they would sell Ecova if they were to receive a good offer or continue to manage the business if they didn't. I think they picked a good time to maximize value for shareholders by selling Ecova in the current market environment. (Long AVA.)
    30 May 2014, 07:14 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs