Company completes Bangor Hydro buy Lee named president, Briggs joins Emera board

BANGOR – Emera Inc. completed its $205 million purchase of Bangor Hydro-Electric Co. on Wednesday.

Bangor Hydro will continue to operate as it has for more than 100 years, and the utility will keep its name. The company, though, now is a wholly owned subsidiary of Nova Scotia-based Emera.

Emera is paying $26.806 in cash for all of the common shares of Bangor Hydro. Shareholders should be receiving their payments within a few weeks, according to a Bangor Hydro executive.

With the purchase, Emera is increasing its customer base by 25 percent, and broadening its presence in the Northeast energy market. Emera is owner of Nova Scotia Power Co., the largest electricity supplier in the province. Bangor Hydro, a transmission and distribution company, delivers electricity to more than 110,000 customers in central and eastern Maine.

“Emera is focused on building its Northeast energy operations, and Bangor Hydro plays an important role,” said David Mann, president and chief executive officer of Emera, in a statement. “It complements our other energy businesses, and places us on the ground in the region we’ve targeted for further growth.”

On Wednesday, Carroll Lee was promoted to president and chief operation officer of Bangor Hydro, replacing Robert S. Briggs. Briggs is retiring from his position at Bangor Hydro and will become a member of Emera’s board of directors.

Lee, 52, has been with Bangor Hydro since 1972, and most recently was senior vice president and chief operating officer. He serves as director and vice president of Maine Electric Power Co., and president and director of East Branch Improvement Co., Bangor Var Co., CareTaker Inc., Bangor Fiber Co. Inc, and Bangor Line Co., all subsidiaries of Bangor Hydro.

Lee, a native of Houlton, also is a director and past president of the board of directors of Community Health and Counseling Services of Bangor, and director of the Ellen M. Leach Memorial Home Inc. in Brewer.

“We see real opportunities to share our skills and capabilities, and we’re looking forward to getting down to business,” Lee said.

Emera has more than 550,000 customers and $3.5 billion in assets.

Besides Nova Scotia Power, Emera has a 12.5 percent interest in Maritimes & Northeast Pipeline, which transports natural gas from Sable Island through Maine to Boston, and an 8.4 percent interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines. Emera also delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries.