Canada-based Emera Inc. (TSX: EMA) announced a regulatory review of its $10.4 billion acquisition of U.S.-based TECO Energy (NYSE: TE) was completed.
The Committee on Foreign Investment in the United States completed the review of TECO and determined that there are no unresolved national security concerns with respect to the acquisition. Completion of the review was a closing condition of the deal.
TECO Energy shareholders approved the transaction in December 2015. The Federal Energy Regulatory Commission approved it the following month, and the Hart-Scott-Rodino waiting period ended in February. The acquisition remains subject to other regulatory and government approvals, including the New Mexico Public Regulation Commission and the satisfaction of customary closing conditions.