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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Emera Incorporated    EMA   CA2908761018

EMERA INCORPORATED

(EMA)
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Emera Incorporated : Sale of Emera Maine Approved by the MPUC

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03/18/2020 | 07:45am EDT

Emera Inc. ('Emera') (TSX: EMA) today announced that the Commissioners of the Maine Public Utilities Commission ('MPUC') have voted unanimously to approve Emera's proposed sale of Emera Maine (the 'Transaction') to ENMAX Corporation ('ENMAX').

'We are pleased that the MPUC has approved the sale of Emera Maine to ENMAX. This transaction is delivering strong value to our shareholders and supports our continued investment in growth across the balance of our portfolio of regulated utilities,' says Scott Balfour, President and CEO of Emera. 'I want to thank our dedicated team at Emera Maine whose unwavering commitment to safety, customers and community have shaped Emera Maine into what it is today. I believe that ENMAX's shared commitment to these values will ensure the continued success of the business.'

Subject to issuance of the final order by the MPUC and satisfaction of customary closing conditions, the Transaction is expected to close within the next week.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. 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, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management's current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's 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 Emera's securities regulatory filings, including under the heading 'Business Risks and Risk Management' in Emera's annual Management's 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.com.

Contact:

Scott Hastings

Tel: 902-474-4787

Email: Scott.Hastings@emera.com

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
EMERA INCORPORATED -0.45% 54.74 Delayed Quote.-1.88%
EMERA MAINE 14.29% 200 Delayed Quote.0.00%
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Financials
Sales 2020 6 292 M 4 567 M 4 567 M
Net income 2020 873 M 634 M 634 M
Net Debt 2020 16 539 M 12 006 M 12 006 M
P/E ratio 2020 17,1x
Yield 2020 4,52%
Capitalization 13 392 M 9 701 M 9 722 M
EV / Sales 2019
EV / Sales 2020 4,76x
Nbr of Employees 7 523
Free-Float 85,6%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 59,69 CAD
Last Close Price 54,74 CAD
Spread / Highest target 16,9%
Spread / Average Target 9,04%
Spread / Lowest Target -16,0%
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Managers
NameTitle
Scott Carlyle Balfour President, Chief Executive Officer & Director
Mary Jacqueline Sheppard Chairman
Richard C. Janega Chief Operating Officer-Electric Utilities
Gregory W. Blunden Chief Financial Officer
Andrea Sarah Rosen Independent Director
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