Emera Maine Sold To Canadian Utility Company

Emera announced today that it has sold its interests in Maine to Enmax Corporation, which is based in Calgary, Alberta, Canada.

A media release lists the purchase price as $959 million U.S. Dollars, or $1,286 million CAD, for all of Emera's shares in Maine, as well as its acquired debt. That takes the total enterprise value of the sale at $1.2 billion USD, or $1.8 billion CAD. The money will be used to support Emera's capital investment opportunities and reduce corporate level debt.

What this means for Maine consumers is, as yet, unknown. A media conference is planned later today, to formally announce the sale, and discuss how it will affect Maine electricity customers. The sale is still subject to certain conditions, according to the release, including regulatory approvals. It's expected to close late this year.

We'll update this story as more details become available.