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BRIEF-Emera to acquire TECO Energy in a $10.4 bln deal

Published 2015-09-04, 04:51 p/m
© Reuters. BRIEF-Emera to acquire TECO Energy in a $10.4 bln deal
TE
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Sept 4 (Reuters) - TECO Energy Inc (NYSE:TE) TE.N :
* Emera to acquire TECO Energy in US$10.4 billion transaction
* Says TECO Energy shareholders will receive US$27.55 per share in cash
* Says acquisition is expected to be significantly accretive to EPS
* Says aggregate purchase price of approximately US$10.4 billion including
assumption of approximately US$3.9 billion of debt.
* Says upon closing, TECO Energy will become a wholly owned subsidiary of Emera
* Deal has been unanimously approved by the board of directors of both
companies
* Pro forma capital expenditure profile of the two companies includes
approximately $6.4 billion in capital investments from 2016 to 2019
* Says transaction provides additional support to emera's 8 percent dividend
growth target through 2019
* Emera fully supports teco's ongoing efforts to divest TeCo coal, and expects
TeCo coal to be divested at or prior to transaction close
* EPS accretion from deal expected in first full year of operations (growing to
more than 10 percent by the third full year
* Says Emera has a fully committed US$6.5 billion bridge financing facility in
place with JP Morgan chase and scotiabank
* Source text for Eikon ID:nBw7PdWhya
* Further company coverage TE.N

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