This article exists as part of the online archive for HuffPost Canada, which closed in 2021.

Canadian energy company Emera will buy US-based Teco Energy for $6.48B, or $27.55 a share

NEW YORK — Canadian energy and services company Emera says it will buy Teco Energy, an electric and gas utility that does business in Florida and New Mexico, for about $6.48 billion.

Emera says it will pay $27.55 per share of Teco Energy, a premium of about 31 per cent over Friday's closing stock price. The companies valued the deal at $10.4 billion including debt. Shares of Teco Energy Inc. climbed 27 per cent to $26.75 in aftermarket trading.

Emera says it has investments through the Northeastern U.S. and Canada as well as the Caribbean. It had almost $3 billion in revenue in 2014.

The companies expect to complete the sale by mid-2016. They said Emera will continue Teco's efforts to sell its coal business and plans to complete that sale by the time its acquisition of Teco closes.

The Associated Press

Suggest a correction
This article exists as part of the online archive for HuffPost Canada. Certain site features have been disabled. If you have questions or concerns, please check our FAQ or contact support@huffpost.com.