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

|About: Avista Corporation (AVA)|By:, SA News Editor

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.