Emera has signed a definitive agreement to acquire TECO Energy for approximately $10.4 billion in an all-cash deal. Upon closing, Emera will have approximately $20 billion in assets.
Under the terms of the deal, TECO Energy shareholders will receive $27.55 per common share, a 48% premium based on TECO Energy’s closing stock price on 15-Jul-2015 and 25% above TECO Energy’s unaffected 52-week high. This represents an aggregate purchase price of approximately $10.4 billion, including assumption of approximately $3.9 billion of debt.
TECO Energy is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. The transaction will also establish Emera in the regulated natural gas local distribution business.
The transaction is expected to close by mid-2016.
Emera has signed a definitive agreement to acquire TECO Energy...
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