Feds OK Maine & Maritimes sale
Federal regulatory officials have given the green light to Canadian-based Emera Inc.'s acquisition of northern Maine utility Maine & Maritimes Corp., paving the way for the deal to officially close.
The Federal Energy Regulatory Commission's approval puts Presque-Isle based Maine & Maritimes under Emera subsidiary BHE Holdings Inc., which also owns Bangor Hydro Electric Co., according to a press release from MAM, the parent company of Maine Public Service. The Maine Public Utilities Commission in September approved the deal, which calls for Nova Scotia-based Emera to buy all outstanding shares of MAM's common stock for $45 per share in cash, for a total value of $108 million. MPS, the state's third-largest transmission and distribution utility, serves about 36,000 customers in Aroostook County and parts of Penobscot County.
Federal approval was the deal's last hurdle, as shareholders signed off on it in July. The transaction is expected to close on or about Dec. 21.
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