A week after winning regulatory approval, a western Canadian utility company has completed its purchase of Emera Maine, which serves 160,000 electric customers across eastern and northern Maine, ENMAX Corp. announced Tuesday.
The Maine Public Utilities Commission voted unanimously to approve the deal last week after a negotiated settlement that’s expected to save Maine ratepayers more than $30 million.
“ENMAX has made significant, long-term commitments to Emera Maine’s employees, customers and Maine communities, and we look forward to delivering on our commitments and moving forward together,” said Gianna Manes, president and CEO of ENMAX in Calgary, Alberta.
Emera Maine, which is ENMAX’s first acquisition outside of western Canada, will continue to operate as a stand-alone utility headquartered in Bangor. Its name will change at some point in the future, officials said.
The negotiated settlement includes an extension to how long the utility must wait before it can raise customer rates, an increase in rate credits for customers and service quality measures as well as tougher restrictions on dividends paid to shareholders.
ENMAX said the purchase price was $959 million (U.S.) All told, the deal was worth $1.3 billion including assumed debt and aggregate enterprise value, the company said.