FERC Approves Emera’s $10.4 Billion Acquisition of TECO
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Emera Inc. has learned that the Federal Energy Regulatory Commission (FERC) approved the acquisition of TECO Energy Inc., finding the transaction is consistent with the public interest.
Emera’s acquisition of TECO Energy was reported on September 4, 2015, and TECO Energy shareholders approved the acquisition on December 3rd, 2015. The US$10.4 billion acquisition includes the assumption of approximately US$3.9 billion of debt.
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
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.
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