Emera Maine, the company that distributes electricity to more than 150,000 customers in eastern and northern Maine, is sold to a Western Canadian company in a deal worth more than $ 1 billion.
Emera Inc. in Nova Scotia said on Monday it had reached an agreement to sell its subsidiary in Maine for $ 959 million to ENMAX Corp. from Calgary. Given the debts of Emera, the deal will be valued at 1.3 billion dollars, the two companies said.
This is part of a three-year business plan for Emera Inc., the parent company of Emera Maine, which includes the previously announced sale of three New England power plants, including one in Rumfoord.
[What’s in store for Emera Maine after parent company sells Rumford plant]
ENMAX is a company that employs 1
At a press conference at the Emera Maine Operational Center in Hampden on Monday, representatives of Emera and ENMAX Corp. said they did not expect the sale
The Maine tool used just over 400 people on the service area of 10,400 square miles.
"I would like to repeat that we are engaged with Maine customers and communities," Manes said. "The sale price is outside the tariffs set for Emera Maine, [which] will continue to be determined by the [Public] Maine Commissariat, and our expectation is that none of the activities we are talking about today the property will have some effect on customer prices. "
However, in early March, Emera Maine informed his clients that he was seeking approval from Maine's regulators to increase the distribution rate, one of five customer rates  This request, which is still moving forward despite being announced may lead to a monthly increase of $ 5.75 per customer using an average of 500 kWh of electricity, Michael Herrin, President and Chief Operating Officer of Emera Maine,
[Emera Maine customers’ average monthly rate could rise $5.75]
Officials from Emera and ENMAX said the sale could take nine months , Which will require the approval of several regulators both in the US and Canada, including the Maine Public Utilities Commission and the Federal Energy Regulatory Commission.
Scott Balfour, president and CEO of Emera Inc., said on Monday that the company in Nova Scotia First contacted an investment banker a few months ago to seek help finding buyers for Maine's utility. Emera and ENMAX have been negotiating the sale over the past few days and have come to an agreement on Sunday night, he said.
Emera said in the latest financial statements that he plans to sell assets that do not perform well.
Emera announced on November 26 that it will sell its three natural gas production plants in New England, including Rumford Power, at a subsidiary of The Carlyle Group, a management company.
At the time, he did not say what it was
On Monday, Manes said ENMAX was focused on growth and was buying Emera Maine because it is suitable for the portfolio of the company of Alberta. But she did not answer specifically whether she wanted to buy other US companies.
She also said that the name Emera Maine would eventually change but did not specify what the name of the future would be. to this report.
Correction: An earlier version of this report incorrectly stated that ENMAX is a publicly traded company.