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.

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  • Dividend Sleuth
    , contributor
    Comments (5401) | 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
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