Add-on Acquisition • Energy Services and Equipment

Emera Acquires TECO Energy

On September 4, 2015, Emera acquired energy services and equipment company TECO Energy for 10.4B USD

Acquisition Context
  • This is Emera’s 1st transaction in the Energy Services and Equipment sector.
  • This is Emera’s largest (disclosed) transaction.
  • This is Emera’s 3rd transaction in the United States.
  • This is Emera’s 1st transaction in Florida.

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M&A Deal Summary

Date September 4, 2015
Target TECO Energy
Sector Energy Services and Equipment
Buyer(s) Emera
Deal Type Add-on Acquisition
Deal Value 10.4B USD
Advisor(s) Moelis & Co.
Morgan Stanley (Financial)
Skadden, Arps, Slate, Meagher & Flom
Holland & Knight (Legal)

Target Company

TECO Energy

Tampa, Florida, United States
TECO Energy, Inc. is an energy-related holding company with regulated electric and gas utilities
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Buyer Overview 1

Buyer

Emera

Halifax, Nova Scotia, Canada

Category Company
Founded 1998
Sector Utilities
Employees7,605
Revenue 7.2B CAD (2024)
DESCRIPTION

Emera is a geographically diverse energy and services company. The company invests in electricity generation, transmission, and distribution, as well as gas transmission and utility energy services. Emera was founded in 1998 and is based in Halifax, Nova Scotia.


Deal Context for Buyer #
Overall 3 of 3
Sector: Energy Services and Equipment 1 of 1
Type: Add-on Acquisition 1 of 1
State: Florida 1 of 1
Country: United States 3 of 3
Year: 2015 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 New England Independent System Operator

United States

Tiverton and Rumford are both natural gas-fired combined cycle plants, each with a nominal capacity of 265 MW. Tiverton and Rumford have winter generation capacities of 279 MW and 270 MW, respectively with a combined maximum capacity of 549 MW.

Buy $541M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-26 Bridgeport Energy

Bridgeport, Connecticut, United States

Bridgeport Energy is a natural gas-fired combined cycle power generation plant located in Bridgeport, Connecticut, with a nominal capacity of 520 megawatts (MW).

Sell -