Emera Acquisition of TECO Energy Hearing Dates Set by New Mexico Public Regulation Commission
Emera Inc. (“Emera”) (TSX: EMA) announced today that the New Mexico
Public Regulation Commission (“NMPRC”) issued an order setting the
hearing dates for Emera’s acquisition of TECO Energy Inc. (“TECO
Energy”) (NYSE:TE) and the indirect acquisition of New Mexico Gas
Company. The hearing is scheduled to begin on May 23, 2016, and continue
thereafter, if necessary. A more detailed schedule is available on
NMPRC’s website at www.nmprc.state.nm.us
(Case No. 15-00327-UT).
Emera’s acquisition of TECO Energy (“Acquisition”) was announced 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. The
closing of the Acquisition remains subject to certain regulatory and
government approvals, including approval by the NMPRC, the Federal
Energy Regulatory Commission and compliance with any applicable
requirements under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, approval of 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.
Forward Looking Information
This news release contains forward-looking information within the
meaning of applicable securities laws with respect to, among other
things, the completion of the acquisition of TECO Energy. Important
factors that could cause actual results, performance and results to
differ materially from those indicated by any such forward-looking
statements include risks and uncertainties relating to the following:
(i) the risk that TECO Energy and Emera may be unable to obtain
governmental and regulatory approvals required for the proposed
acquisition; (ii) the risk that other conditions to the closing of the
proposed acquisition may not be satisfied; and (iii) the timing to
consummate the acquisition. There can be no assurance that the proposed
acquisition will be completed, or if it is completed, that it will close
within the anticipated time period. These factors should be considered
carefully and undue reliance should not be placed on the forward-looking
statements. By its nature, forward-looking information requires Emera to
make assumptions and is subject to inherent risks and uncertainties.
These statements reflect Emera management’s current beliefs and are
based on information currently available to Emera management. There is
risk that predictions, forecasts, conclusions and projections that
constitute forward-looking information will not prove to be accurate,
that Emera’s assumptions may not be correct and that actual results may
differ materially from such forward-looking information. Additional
detailed information about these assumptions, risks and uncertainties is
included in Emera’s securities regulatory filings, including under the
heading “Business Risks and Risk Management” in Emera’s annual
Management Discussion and Analysis, and under the heading “Principal
Risks and Uncertainties” in the notes to Emera’s annual and interim
financial statements which can be found on SEDAR at www.sedar.com.
Except as required by law, Emera disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
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.
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Copyright Business Wire 2015
Source: Business Wire
(December 14, 2015 - 5:55 PM EST)
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