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Teco Energy agrees to sale to Canada's Emera for $10.4B

Sep 08, 2015 - The Deal Pipeline
Mergers and Acquisitions

A month-and-a-half after announcing it was reviewing strategic options, Tampa, Fla., utility Teco Energy Inc. (TE) said after the markets closed Friday that it agreed to be bought by Canada's Emera Inc. for $10.4 billion.

The combination will have $20 billion in assets and more than 2.4 million electric and gas customers, vaulting the Halifax, Nova Scotia-based Emera into one of the top 20 regulated utilities in North America.

Teco shareholders will receive $27.55 per share in cash, ...