HALIFAX, Oct. 10, 2001 — Emera Inc. announced today that it has completed the transaction for the purchase of all of the common shares of Bangor Hydro Electric Company for $26.806 U.S. per share in cash. The purchase increases Emera’s customer base by 25% and broadens the company’s presence in the expanding northeast energy market.
“Emera is focused on building its northeast energy operations, and Bangor Hydro plays an important role,” said David Mann, President and CEO of Emera. “It complements our other energy businesses, and places us on the ground in the region we’ve targeted for further growth.” Bangor Hydro is a regulated electricity transmission and distribution company serving 110,000 customers in central and eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. Emera also owns Nova Scotia Power, a fully integrated electric utility that supplies substantially all of the generation, transmission and distribution of electricity in Nova Scotia; and has an interest in the Maritimes & Northeast Pipeline, which transports Sable natural gas through Maine to Boston.
Bangor Hydro will retain its name, and Carroll Lee, formerly Senior Vice-President and Chief Operating Officer of Bangor Hydro will become President and Chief Operating Officer, replacing Robert S. Briggs, who is retiring. Briggs will become a member of the Emera Board of Directors.
“We see real opportunities to share our skills and capabilities, and we’re looking forward to getting down to business,” said Carroll Lee.
BMO Nesbitt Burns acted as financial advisor to Emera Inc. in the transaction. Salomon Smith Barney acted for Bangor Hydro.
About Emera Inc.
Emera Inc. is a diversified energy and services company, with 550,000 customers and $3.5 billion in assets. The company has two wholly-owned operating subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power, a regulated utility, supplies over 95% of the electric generation, transmission and distribution in Nova Scotia.
Bangor Hydro, also regulated, provides electricity transmission and distribution service to 110,000 customers in eastern Maine. Emera also delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries; has a 12.5 per cent interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; and an 8.4% interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines. Visit Emera on the web at www.Emera.com