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Emera Maine being bought by Alberta based utility company for $959 million

Emera Inc. announced it is being bought by an Alberta based utility company for $959 million. The utility company that has more than 159,000 customers in Maine is currently owned by a company based in Nova Scotia.

Emera Inc. announced it is being bought by an Alberta based utility company for $959 million. The utility company that has more than 159,000 customers in Maine is currently owned by a company based in Nova Scotia.

Emera Maine announced the pending sale Monday, March 25, saying it has entered into a definitive agreement in with ENMAX its interest in Emera Maine, its regulated electric transmission and distribution company in Maine, for a purchase price of $959 million USD ($1,286 million CAD).

ENMAX Corporation is a utility company which makes and distributes electricity, natural gas, renewable energy and value-added services to customers in Alberta, Canada.

The sale is subject to certain conditions, including regulatory approvals, and is not expected to close until late this year. 

Emera Maine has more than 159,000 customers in Maine over 10,400 sq. miles according to its website.

Emera held a press conference at 10:30 a.m. Monday, at Emera Maine’s Hampden Operations Center, located at 28 Penobscot Meadow Drive in Hampden. 

The purchase price of $959 million USD ($1,286 million CAD) is for shares plus acquired debt, for a total enterprise value of $1.3 billion USD ($1.8 billion CAD). 

Emera says the sale will capital investment opportunities within its regulated utility businesses and reduce corporate level debt. 

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