Emera Announces Expiration Of HSR Waiting Period For TECO Energy Acquisition

(RTTNews) - Canadian power company Emera Inc. (EMA.TO) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"), in connection with the acquisition of TECO Energy (TE) by Emera. Expiration of the waiting period provides antitrust clearance for the Acquisition and is one of the conditions necessary for closing.

The Acquisition received TECO Energy shareholder approval in December 2015 and approval from the Federal Energy Regulatory Commission in January 2016. The closing of the Acquisition remains subject to certain other regulatory and government approvals, including approval by the New Mexico Public Regulation Commission, completion of review by the Committee on Foreign Investment in the United States, and the satisfaction of customary closing conditions.

In September 2015, Emera Inc said it agreed to buy U.S. electric and gas utility Teco Energy Inc for $27.55 per share in cash as part of efforts to expand into Florida and New Mexico. The deal represents an aggregate purchase price of about $10.4 billion, including nearly $3.9 billion of debt.