Canadian electricity and natural gas utility company Enmax Corp. plans to acquire energy utility company Emera Inc.’s electric transmission and distribution unit for $959 million.
The divestment of the unit, Emera Maine, is part of Emera’s previously announced three-year funding plan.
Emera Inc. said that it plans to use the proceeds to support its $4.8 billion capital investment opportunities and decrease corporate debt.
Enmax will entirely finance the deal, expected to be completed in late 2019, through credit. Canadian investment bank CIBC Capital Markets is the financial adviser to Enmax on the transaction.