11:12 AM EDT, 05/29/2024 (MT Newswires) -- National Bank of Canada on Wednesday reiterated its sector-perform rating on the shares of Emera ( EMRAF ) while raising its price target to $50.00 from $49.00, .

The bank made the change after the utility-holding company agreed to sell its minority interest in the Labrador Island Link transmission line to KKR for $1.19 billion

Consideration comprises $957 million in cash and KKR's assumption of Emera's ( EMRAF ) remaining equity contribution true-up commitment of $235 million.

Emera ( EMRAF ) plans to use the proceeds to repay variable Holdco debt currently bearing 6.5% interest.

Price: 46.91, Change: -0.79, Percent Change: -1.66