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Additional Information
Market: TSX
Sector: Utilities
EPIC: EMA
Latest Price: 33.27  (0.88% Ascending)
52-week High: 33.65
52-week Low: 28.14
Market Cap: 4,066.68M
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Emera Inc
www.emera.com/en

Energy is the essence of Emera Inc. Our core business is electricity; generating power and getting it to our customers safely and reliably. With strategic energy services and infrastructure that includes electric utilities in the Northeastern US, Atlantic Canada, St. Lucia and Grand Bahama, a pumped storage hydro-electric facility, natural gas pipelines, a gas-fired power plant, an energy services company and a renewable tidal energy company, Emera has a diversified portfolio with $5.3 billion in assets.

Full Emera Inc profile here
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Emera to buy Maine & Maritimes Corp for US$45 per share

12th Mar 2010, 2:30 pm
Emera to buy Maine & Maritimes Corp for US$45 per share

Emera Inc (TSX: EMA) has agreed a merger with Maine & Maritimes Corporation (AMEX: MAM). The cash deal sees Emera purchase all the outstanding MAM shares for US$45.00 per share, representing over a 40% premium based from MAM's closing price on March 11 2010.

"This transaction will be very advantageous for our shareholders and electricity customers. Becoming part of Emera strengthens our company financially and enables us to improve reliability and delivery service by working together with Bangor Hydro Electric Co to meet the needs of northern and central Maine customers", MAM President and CEO Brent M Boyles stated.

MAM is the parent company of the regulated electric group, the Maine Public Service Company. The transaction, which is expected to close later this year, has been approved by the MAM board and it is subject to approval by MAM's shareholders, the Maine Public Utilities Commission, and the Federal Energy Regulatory Commission. Regulatory approvals are estimated to take 6-8 months.

Emera said that upon completion of the merger there are no immediate plans to reduce staffing levels as the company contemplates that both MPS and Bangor Hydro will continue to operate separately and serve their customers in their respective service territories. The acquisition will be Emera's second investment in Maine, following its acquisition of Bangor Hydro Electric Co in October 2001. Emera intends to initially finance the transaction from existing credit facilities until long-term financing is arranged. The transaction is expected to be accretive to Emera within the first year.

"Maine plays an important role in the Maritime and New England energy market. This merger is an important next step in Emera's strategy of growth and integration within the Northeast market, by geographically expanding our service territory in Maine to the New Brunswick market", Emera President and CEO Chris Huskilson added.

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