HALIFAX, Nova Scotia & TAMPA, Fla.--(BUSINESS WIRE)--
Emera Inc. (“Emera”) (TSX:EMA) and TECO Energy, Inc. (“TECO Energy”)
(NYSE:TE) today announced that the New Mexico Public Regulation
Commission (“NMPRC”) Hearing Examiner has issued the Certification of
Stipulation to the NMPRC concerning the approval of Emera’s proposed
acquisition of TECO Energy and the indirect acquisition of New Mexico
Gas Co (“NMGC”) (“Acquisition”). The Hearing Examiner recommends that
the NMPRC adopt the Certification of Stipulation in support of the
Acquisition, and states that the Acquisition is in the public interest
and has quantifiable and unquantifiable benefits to NMGC customers.
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The Certification of Stipulation filed with the NMPRC can be found at www.nmgco.com/pdf/Certification_of_Stipulation.pdf
or on the NMPRC’s website at www.nmprc.state.nm.us
(Case No. 15-00327-UT).
The Certification of Stipulation is another key milestone in Emera’s
acquisition of TECO Energy, and the parties look forward to working
through the important remaining steps in the New Mexico regulatory
process. The closing of the acquisition is subject to regulatory
approval by the NMPRC and the satisfaction of customary closing
conditions, and remains on track to close in mid-2016.
The acquisition received TECO Energy shareholder approval in December
2015, approval from the Federal Energy Regulatory Commission in January
2016, the expiration of Hart-Scott-Rodino waiting period in February
2016 and CFIUS clearance in March 2016.
About TECO Energy, Inc.
TECO Energy Inc. (NYSE:TE) is an energy-related holding company with
regulated electric and gas utilities in Florida and New Mexico. Tampa
Electric serves nearly 725,000 customers in West Central Florida;
Peoples Gas serves nearly 365,000 customers across Florida; and New
Mexico Gas Co. serves more than 515,000 customers across New Mexico.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company
headquartered in Halifax, Nova Scotia with approximately $11.5 billion
in assets and 2015 revenues of $2.79 billion. The company invests in
electricity generation, transmission and distribution, as well as gas
transmission and utility energy services with a strategic focus on
transformation from high carbon to low carbon energy sources. Emera has
investments throughout northeastern North America, and in four Caribbean
countries. Emera continues to target having 75-85% of its adjusted
earnings come from rate-regulated businesses. Emera’s common and
preferred shares are listed on the Toronto Stock Exchange and trade
respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C,
EMA.PR.E, and EMA.PR.F and instalment receipts are listed and trade
under the symbol EMA.IR. Depositary receipts representing common shares
of Emera are listed on the Barbados Stock Exchange under the symbol
EMABDR. Additional Information can be accessed at www.emera.com
or at www.sedar.com.
Forward Looking Information
This news release contains forward-looking information within the
meaning of applicable securities laws with respect to, among other
things, the completion of the acquisition of TECO Energy. Important
factors that could cause actual performance and results to differ
materially from those indicated by any such forward-looking statements
include risks and uncertainties relating to the following: (i) the risk
that TECO Energy and Emera may be unable to obtain governmental and
regulatory approval required for the proposed acquisition; (ii) the risk
that other conditions to the closing of the proposed acquisition may not
be satisfied; and (iii) the timing to consummate the acquisition. There
can be no assurance that the proposed acquisition will be completed, or
if it is completed, that it will close within the anticipated time
period. These factors should be considered carefully, and undue reliance
should not be placed on the forward-looking statements. By its nature,
forward-looking information requires the use of assumptions and is
subject to inherent risks and uncertainties. These statements reflect
Emera’s and TECO Energy’s current beliefs and are based on information
currently available to them. There is risk that predictions, forecasts,
conclusions and projections that constitute forward-looking information
will not prove to be accurate, that the assumptions may not be correct
and that actual results may differ materially from such forward-looking
information. Additional detailed information about these assumptions,
risks and uncertainties is included in (i) Emera’s securities regulatory
filings, including under the heading “Business Risks and Risk
Management” in Emera’s annual Management Discussion and Analysis, and
under the heading “Principal Risks and Uncertainties” in the notes to
Emera’s annual and interim financial statements which can be found on
SEDAR at www.sedar.comand (ii) under the heading “Risk Factors” in TECO Energy’s Annual
Report on Form 10-K for the year ended December 31, 2015, as updated in
subsequent filings with the U.S. Securities and Exchange Commission.
Except as required by law, Emera and TECO Energy disclaim any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160609005643/en/
Emera:
Investor Relations:
Scott LaFleur, 902-428-6375
scott.lafleur@emera.com
or
Media:
Neera
Ritcey, 902-222-2683
neera.ritcey@emera.com
or
TECO
Energy:
Investor Relations:
Mark Kane, 813-228-1772
mmkane@tecoenergy.com
or
Media:
Cherie
Jacobs, 813-228-4945
cljacobs@tecoenergy.com
or
New
Mexico Gas Company:
Media:
Teala Kail, 505-363-9983
TFKail@tecoenergy.com
Source: Emera Inc.