Avista Corp. (AVA: Quote) said Friday that its board of directors has approved the repurchase of up to 4 million shares of the company's outstanding common stock, conditioned upon the consummation of the planned sale of Ecova, Inc., which was announced on May 29.
Repurchases of common stock will commence on the later of the date of the closing of the Ecova sale or July 7, and will not continue past December 31.
Repurchases of shares will be funded with the expected net proceeds from the planned sale of Ecova and other available cash on hand.
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by RTT Staff Writer
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