ELLSWORTH — Emera Maine will be sold to Canadian company ENMAX Corp. for $959 million, according to a press release from Emera Inc. on Monday.
Emera Maine’s parent company, Emera Inc., which is also based in Canada, said in the release that it had reached a deal with ENMAX to sell its interest in the company. The transaction is expected to close by the end of the year.
“One of our priorities has been to identify a buyer for Emera Maine that has the technical skills, experience and financial strength to assure that our customers will continue to receive high-quality, reliable service,” said Scott Balfour, president and chief executive officer of Emera. “ENMAX more than measures up on these essential qualities.”
The deal will be financed entirely through debt, according to an ENMAX press release.
Emera Maine is the state’s second-largest utility, serving 159,000 customers in Aroostook, Hancock, Penobscot, Piscataquis, and Washington counties.
Emera Maine was formed after Bangor Hydro-Electric Co., which Emera Inc. bought in 2001, merged with Maine Public Service Co. in 2010.
“Transmission and distribution utilities play a vital role in delivering essential electricity services to our homes, communities and businesses,” said Gianna Manes, president and CEO of ENMAX. “As electricity customer needs evolve, utilities like ENMAX and Emera Maine are adapting and investing to ensure customers continue to benefit from access to safe, reliable services.
“The acquisition of Emera Maine is a complementary opportunity for ENMAX to grow our regulated utility business and enhance our connections with customers.”
State and federal regulators — including the Maine Public Utilities Commission and the United States Federal Energy Regulatory Commission — will have to approve the deal.