Canada's Emera to buy Teco Energy in $10.4 bln deal

Fri Sep 4, 2015 4:57pm EDT
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Sept 4 (Reuters) - Canadian energy company Emera Inc said it would acquire U.S. electric and gas utility company Teco Energy Inc in a deal valued at $10.4 billion to expand in the United States.

Teco's shareholders will receive $27.55 per share in cash, Emera said on Friday.

The offer price represents a premium of 31 percent to the stock's Friday close. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Kirti Pandey)