ENMAX completes acquisition of Emera Maine

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BANGOR, Maine (WABI) - Sold.

Company officials say ENMAX has completed its acquisition of Emera Maine for $959 million.

In a press release Tuesday, they say it includes the assumed debt, aggregate enterprise value is $1.3 billion on closing.

"We are pleased to have completed this acquisition, as it reflects our strategy to grow ENMAX's regulated utility business in North America, leveraging our expertise in the provision of safe, reliable, regulated transmission and distribution electricity services," said Gianna Manes, President, and CEO, ENMAX. "ENMAX has made significant, long term commitments to Emera Maine's employees, customers, and Maine communities, and we look forward to delivering on our commitments and moving forward together."

They say Emera Maine will continue to operate as a stand-alone utility headquartered in Bangor and will operate under a new name to be announced in the future.