Emera Inc. (Emera) of Canada announced yesterday evening that it has concluded an agreement to acquire C I Power Company Ltd. (CIP), a subsidiary of Leucadia National Corporation (Leucadia), which owns a 38% interest in Light & Power Holdings Ltd. (LPH).
LPH is the parent company of The Barbados Light & Power Company Limited, which has been serving electricity customers in Barbados for almost 100 years. A 62% majority of the interest in LPH is held by approximately 2,700 Barbadian shareholders, including the National Insurance Board which owns 23%.
Emera is based in Nova Scotia, Canada, and is an energy and services company with electricity as its core business. Emera has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company, which together serve 603,000 customers. Emera also owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers in St. Lucia, and 25% of Grand Bahama Power Company (GBPC), which serves 19,000 customers on the island of Grand Bahama in The Bahamas. Emera also has investments in natural gas pipelines in Canada and interests in renewable energy companies.
The Board of Directors of LPH has expressed its appreciation to Leucadia, and in particular to its Chairman, Mr. Ian Cumming, for the support and guidance that it has provided to LPH over the years. This has been of significant benefit to electricity and telecommunications customers in Barbados. The LPH Board welcomes the investment by Emera, saying that the combined knowledge and experience of Emera and LPH in the electric utility business will maintain and enhance the technical strength and future prospects of The Barbados Light & Power Company Limited for the continued benefit of electricity customers in Barbados.
Media Contact Light & Power Holdings Ltd.
Light & Power Holdings Ltd.
May 4, 2010
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