The NYSE’s top gainers in the week ending July 21, 2017, were:
Avista is an energy company in the US that generates and transmits electricity and distributes natural gas. It also provides energy solutions for industrial, residential, and commercial customers. Avista was the NYSE’s biggest gainer in the trading week ending July 21, 2017.
It rose in all five trading days last week. The stock got a boost on July 20 amid news of a merger with Hydro One. Hydro One is Avista’s Canadian counterpart. It’s an electricity transmission and distribution utility provider.
According to reports, Hydro One plans to acquire Avista for $5.3 billion in cash. With approval from concerned regulators and common shareholders, the merger is expected to close in 2H18. After the release of the merger news, Avista rose 20.7% on July 20.
The merger is expected to create one of the largest regulated utilities in North America. Toronto was chosen as the company’s new headquarters. Avista’s common shareholders will receive cash of $53 per share. No employee layoffs were announced amid the merger. The electricity rates for Avista and Hydro One’s customers are expected to remain unchanged. In the week ending July 21, Avista rose 23.6% and closed the week at $52.29.
In the next part, we’ll discuss the NYSE’s bottom performers in the week ending July 21.