Halifax-Based Emera’s Acquisition of TECO Energy Creates a North American Top 20 Utility
Emera Inc. and TECO Energy, Inc. have announced an agreement for Emera to acquire TECO Energy, creating a North American energy leader with US$20 billion of assets and 2.4 million electric and gas customers. The transaction transforms Emera from a regional to North American energy leader. The transaction is expected to close by mid-2016.
Emera is an international energy and services company headquartered in Halifax, NS. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy, utility services, energy marketing and trading services and other energy-related management services.
The transaction creates a top 20 North American regulated utility with geographic diversity and significant growth potential. Of Emera’s US$20 billion in assets, 56% will be in Florida, 23% in Canada, 10% in New England, 6% in New Mexico, and 5% in the Caribbean.
“Our patient approach, and disciplined investment criteria have resulted in a pure-play regulated utility transaction that we expect to be significantly accretive for Emera’s shareholders and one that advances our strategic objectives,” says Chris Huskilson, President and CEO of Emera Inc. “We have found our ideal match in TECO Energy.”
Find out more: http://investors.emera.com/file.aspx?IID=4072693&FID=30965484
