Emera to sell Maine operations to Calgary corporation in deal valued at $1.8B

Emera Inc. has signed a deal to sell its operations in Maine to Calgary’s Enmax Corp. in a deal valued at $1.8 billion, including debt.

Emera Maine is headquartered in Bangor and serves 159,000 customers in the northern part of the state.

READ MORE: Emera Inc. left with no ‘practical choice’ but to pull support from Cape Sharp Tidal project

It is a regulated electric transmission and distribution company.

Get daily National news

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Sign up for daily National newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Under the deal, Enmax — a subsidiary of the City of Calgary — will pay $1.29 billion plus assume roughly $500 million in debt.

In American currency, the companies value the total deal at US$1.3 billion, including debt.

WATCH: Enmax joins with power companies across North America to battle scammers

1:42 Enmax joins with power companies across North America to battle scammers

The deal is expected to close late this year, subject to conditions and regulatory approvals, including by the Maine Public Utilities Commission and the U.S. Federal Energy Regulatory Commission.