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Banks underwrite $1.9 billion for Emeraa s planned purchase of Teco Energy

2015-09-08 20:43:50| Energy - Topix.net

Emera Inc. has arranged to get at least $1.9 billion from a group of banks to help pay for the Nova Scotia company's purchase of Teco Energy Inc., a U.S. company with electric and gas utilities in Florida and New Mexico. The Teco Energy purchase - worth about US$10.4 billion including assumed debt - will extend Emera's presence to the southern states, including regional offices in Tampa, Fla., and Albuquerque, N.M. The Halifax-based company announced Friday that it has a deal to buy Teco for US$27.55 per share in cash, or about US$6.5 billion.

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