Nova Scotia energy company Emera is selling its Maine subsidiary to another Canadian company, ENMAX Corporation, for $959 million.
At a press conference in Hampden Monday, Emera Maine President Mike Herrin said regulatory approvals will likely take nine months, and he expects a smooth transition when ENMAX completes the $959 million purchase.
"They are buying the business intact," Herrin said. "This is an exact strategic fit for their company. This is the next step for them to move from Calgary and come into the United States."
ENMAX CEO Gianna Manes said the company will retain current Emera Maine employees and managers.
"And we've made explicit commitments that we will continue the employment of those individuals, and we will continue to support the operations here on the ground," Manes said.
Emera Maine serves nearly 160,000 customers in northern and eastern Maine.
Maine Democratic State Rep. Seth Berry issued a press release criticizing the deal, saying that the state's power supplies shouldn't be controlled by a company thousands of miles away. Berry has submitted a bill to establish a consumer-owned utility in Maine.
Updated March 25, 2019 at 2:21 p.m. ET.