Emera’s acquisition of TECO Energy won the approval of TECO Energy shareholders. TECO Energy shareholders at a special meeting of shareholders held in Tampa, Florida approved the acquisition.
The $10.4 billion acquisition, including the assumption of about $3.9 billion of debt was announced on September 4, 2015.
TECO Energy is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves more than 700,000 customers in West Central Florida; Peoples Gas System serves more than 350,000 customers across Florida; and New Mexico Gas Co. serves more than 510,000 customers across New Mexico.
“We expect the TECO Energy acquisition to be significantly accretive for Emera’s shareholders, and we are pleased at the support received today from TECO Energy shareholders,” said Chris Huskilson, President and CEO of Emera Inc. “This acquisition adds to our regulated earnings mix and supports our dividend growth target of 8 percent per year through 2019.”
The closing of the acquisition of TECO Energy, which is expected to occur by mid-2016, remains subject to certain regulatory and government approvals, including approval by the New Mexico Public Regulation Commission, the Federal Energy Regulatory Commission and compliance with any applicable requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction of customary closing conditions.