Enmax to buy Emera Maine for $959 million
Canadian utility Enmax Corp has agreed to buy Emera Inc’s electric transmission and distribution unit in Maine for nearly $959 million.
According to sources, the deal will include the acquisition of the debt of the company for a value of $1.3 billion and it is expected to close by this year. The sale of Emera Maine would be subject to regulatory approvals at the federal and state level.
Reports indicate that in 2001, Emera Inc. moved to Maine with the purchase of Bangor Hydro and Maine Public Service Co. In 2010 to form Emera Maine. The company is headquartered in Bangor while its parent company Emera Inc. is headquartered in Halifax, Nova Scotia.
Enmax is headquartered in Calgary, Alberta and produces and sells power to its customers through its subsidiaries in Alberta where it serves more than six lakh customers. In addition, after the sales go through, Enmax is determined to maintain continued service in Maine.
Enmax Corp. is an integrated utility company that produces, distributes and supplies renewable energy, electricity, natural gas and other value-added services to their customers. The company was set up in 1999 and based in Calgary, Canada.
Enmax Power Services Corporation (EPSC) is a subsidiary of Enmax Corporation to provide services like construction, engineering, procurement and maintenance for underground, roadway lightening and signal, overhead, communication system, and LRT (light rail transit) utility infrastructure.
Source: Global4Energy
Photo (for illustrative purposes): Transmission tower / Pxhere / CC0 1.0
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