Emera approved by TECO Energy shareholders for TECO takeover

December 03, 2015 02:56 PM Eastern Standard Time

HALIFAX, Nova Scotia–(BUSINESS WIRE)–Emera Inc. (“Emera”) (TSX: EMA) today announced that its acquisition of TECO Energy Inc. (“TECO Energy”) (NYSE: TE) has received approval from TECO Energy shareholders. The acquisition was approved by TECO Energy shareholders at a special meeting of shareholders held in Tampa, Florida earlier today. The US$10.4 billion acquisition, including the assumption of approximately US$3.9 billion of debt was announced on September 4, 2015.

TECO Energy is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves more than 700,000 customers in West Central Florida; Peoples Gas System serves more than 350,000 customers across Florida; and New Mexico Gas Co. serves more than 510,000 customers across New Mexico.

“We expect the TECO Energy acquisition to be significantly accretive for Emera’s shareholders, and we are pleased at the support received today from TECO Energy shareholders,” said Chris Huskilson, President and CEO of Emera Inc. “This acquisition adds to our regulated earnings mix and supports our dividend growth target of 8% per year through 2019.”

The closing of the acquisition of TECO Energy, which is expected to occur by mid-2016, remains subject to certain regulatory and government approvals, including approval by the New Mexico Public Regulation Commission, the Federal Energy Regulatory Commission and compliance with any applicable requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction of customary closing conditions.

About Emera Inc.

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $11 billion in assets and 2014 revenues of $2.97 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera’s strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout northeastern North America, and in four Caribbean countries. Emera continues to target having 75-85 percent of its adjusted earnings come from rate-regulated businesses. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F and the instalment receipts are listed and trade under the symbol EMA.IR. Additional information can be accessed at www.emera.com or at www.sedar.com.