Bernhard Capital Partners (BCP), a services and infrastructure-focused private equity management firm, has agreed to acquire Emera’s wholly owned operating company, New Mexico Gas Company (NMGC), for an aggregate value of $1.252 billion. This includes the assumption of $500 million of debt.
Emera acquired NMGC as part of its acquisition of the TECO group of companies in 2016. Under Emera's ownership, NMGC has grown and remains the largest natural gas utility in New Mexico, serving more than 545,000 customers and managing more than 12,000 miles of transmission and distribution pipelines.
Estimated after-tax net proceeds of approximately $750 million will be used to repay holding company debt and support Emera’s investment opportunities in its regulated utility businesses.
“This transaction strengthens Emera’s balance sheet, supports our ambitious capital plan, and reinforces our strategic decision to optimize our portfolio and reallocate capital to our hi