By rdnewsNOW staff

done deal

ENMAX purchases Emera Maine for $1.286 million

Mar 24, 2020 | 12:35 PM

ENMAX Corporation announced on Tuesday that the transaction to purchase Emera Maine for $1,286 million CAD ($959 million USD) from Emera Inc. (TSX: EMA) has successfully closed.

Including the assumed debt, aggregate enterprise value is $1.3 billion USD on closing.

Emera Maine is a regulated electricity transmission and distribution utility in the state of Maine, servicing more than 159,000 customers.

“We are pleased to have completed this acquisition, as it reflects our strategy to grow ENMAX’s regulated utility business in North America, leveraging our expertise in the provision of safe, reliable, regulated transmission and distribution electricity services,” said Gianna Manes, President, and CEO, ENMAX. “ENMAX has made significant, long term commitments to Emera Maine’s employees, customers, and Maine communities, and we look forward to delivering on our commitments and moving forward together.”

With this acquisition, ENMAX says it has increased its regulated rate base by 50 percent, with 70 percent of ENMAX’s future cash flows being derived from regulated and non-commodity sources.

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ENMAX is using its strong balance sheet to grow and is committed to paying down the acquisition debt over time, and that the acquisition will support ENMAX’s continued provision of stable, high-quality dividends to its Shareholder, The City of Calgary.

Emera Maine will continue to operate as a stand-alone utility headquartered in Bangor and will operate under a new name to be announced in the future.