February 08, 2016 07:00 AM Eastern Standard Time
HALIFAX, Nova Scotia–(BUSINESS WIRE)–Emera Inc. (“Emera”) (TSX:EMA) today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”), in connection with the acquisition of TECO Energy (NYSE:TE) by Emera (“Acquisition”). Expiration of the waiting period provides antitrust clearance for the Acquisition and is one of the conditions necessary for closing.
The Acquisition received TECO Energy shareholder approval in December 2015 and approval from the Federal Energy Regulatory Commission in January 2016. The closing of the Acquisition remains subject to certain other regulatory and government approvals, including approval by the New Mexico Public Regulation Commission, completion of review by the Committee on Foreign Investment in the United States, and the satisfaction of customary closing conditions.
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.
About Emera Inc.
Emera Inc. is 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% 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.