Emera, TECO Energy File Settlement With N.M. Regulators

Emera, TECO Energy file acquisition settlement with N.M. regulators

Emera Inc. and TECO Energy Inc. (NYSE: TE) filed an unopposed stipulation agreement with New Mexico regulators in Emera’s proposed $10.4 billion acquisition of TECO Energy and New Mexico Gas Co.

The parties state in the stipulation that they believe the settlement is in the public interest and have recommended approval by the New Mexico Public Regulation Commission (NMPRC). The agreement lays out a number of Emera’s commitments, including honoring commitments made by TECO in the 2014 acquisition case, invest in the expansion of the natural gas system to underserved communities and the Mexican border, and provide resources to support certain economic growth projects and programs.

The settlement is another key milestone toward approval of Emera’s acquisition of TECO Energy. Approvals have been given from TECO Energy shareholders in December 2015 and the Federal Energy Regulatory Commission in January 2016. The expiration of the Hart-Scott-Rodino waiting period was in February 2016, and the CFIUS cleared it in March 2016. The finalization of the deal remains subject to certain regulatory and government approvals, including approval by the NMPRC and customary closing conditions. The acquisition is expected to close in mid-2016.

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