Canada, Halifax and Calgary – Canadian utility ENMAX has announced the acquisition of Emera Maine, the regulated electric transmission and distribution company of Emera in the U.S. state of Maine, for about $1.3b.
The agreed purchase price is $959 million. Including the assumed debt, aggregate enterprise value is forecasted to be approximately $1.3 billion on closing, ENMAX said in the press release.
"Transmission and distribution utilities play a vital role in delivering essential electricity services to our homes, communities and businesses, and as electricity customer needs evolve, utilities like ENMAX and Emera Maine are adapting and investing to ensure customers continue to benefit from access to safe, reliable services," says Gianna Manes, President and CEO of ENMAX. "The acquisition of Emera Maine is a complementary opportunity for ENMAX to grow our regulated utility business and enhance our connections with customers."
Emera's first investment outside Canada was Bangor Hydro in 2001. Together with Maine Public Service Company, purchased in 2010, they merged to form Emera Maine. Emera Maine is headquartered in Bangor and serves 159,000 customers in the northern part of the state.
Source: ENMAX