The closing of the Emera/TECO deal, which is expected to occur by mid-2016, is subject to TECO Energy common shareholder approval and certain regulatory and government approvals, including approval by the New Mexico Public Regulation Commission, the Federal Energy Regulatory Commission and compliance with any applicable requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction of customary closing conditions.
Highlights:
- EPS accretion expected in the first full year of operations 2017, growing to more than 10 percent by the third full year 2019 - TECO Energy shareholders will receive US$27.55 per share in cash, a 48 percent premium to the unaffected closing share price of July 15, 2015
- The TECO/Emera deal provides additional support to EmeraÂ’s eight percent dividend growth target through 2019 and positions Emera to extend the dividend growth target beyond 2019
- Upon closing, Emera will have approximately US$20 billion in assets, making it a top 20 North American regulated utility
- The acquisition of TECO Energy is an ideal strategic fit for Emera due to its business and generation mix and expanded U.S. presence in constructive regulatory jurisdictions. The acquisition provides Emera with a new platform in growth markets, and further opportunities to supply customers with cleaner generation
- TECO Energy, Tampa Electric, Peoples Gas and New Mexico Gas Co. will maintain existing corporate headquarters in Tampa and Albuquerque