Deal Watch: Emera, Looking South, Subs Skadden With Davis Polk
Skadden, Arps, Slate, Meagher & Flom advised Canadian utility Emera on its acquisition of New England power assets two years ago, but this week the firm took the lead for Tampa-based Teco Energy on the Florida power generator's $10.4 billion sale to Emera.
September 10, 2015 at 12:19 PM
5 minute read
In setting its sights on U.S. soil, Canadian utility Emera Inc. switched up its outside legal advisers this month for its latest sojourn south of the border.
The Halifax, Nova-Scotia based company announced on Sept. 4 its $6.5 billion acquisition of Tampa-based Teco Energy Inc., a deal whose value rises to $10.4 billion when including debt. The electric and gas merger tie-up is expected to close by midyear 2016 and create a combined entity with more than 2.4 million customers.
In August 2013, Emera turned to Skadden, Arps, Slate, Meagher & Flom to advise on its $541 million acquisition of power assets in New England owned by Edmonton-based Capital Power Corp. But this time around, Emera tapped Davis Polk & Wardwell and leading Canadian firm Osler, Hoskin & Harcourt to handle its Teco transaction. The deal is Davis Polk's first for Emera.
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