Avista Corp (AVA) Subsidiary Advantage IQ Acquires Cadence Network
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Avista Corp. (NYSE: AVA) subsidiary Advantage IQ announced that it has acquired Cadence Network, a privately-held, Cincinnati, Ohio-based company. The move will bring together the two leading providers of expense management solutions for multi-site businesses.
Terms of the transaction include a transfer of Advantage IQ shares to shareholders of Cadence Network, giving them a 25 percent minority stake in Advantage IQ. While Advantage IQ anticipates an increase in annual revenues as the result of the acquisition, the transaction is expected to be slightly dilutive to Avista Corp. earnings in 2008 by one to two cents per share due to transaction costs and the decrease in Avista Corp.'s ownership of the subsidiary.
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