💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

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
-

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.