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Economy

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

File - Electrical transmission lines north of Winnipeg converge on the city to feed it's growing power needs.
File - Electrical transmission lines north of Winnipeg converge on the city to feed it's growing power needs. CP PHOTO / Robert Dall

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.

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It is a regulated electric transmission and distribution company.

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.

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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.

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