TECO Energy, Inc. TE today reported that it has entered into a
definitive stock purchase agreement with Continental Energy Systems LLC,
and its subsidiary New Mexico Gas Intermediate, Inc. (NMGI), to acquire
New Mexico Gas Company for an aggregate value of $950 million, including
the assumption of $200 million of New Mexico Gas Co. debt, subject to
customary closing adjustments. Under the terms of the agreement, TECO
Energy will acquire NMGI, the owner of New Mexico Gas Co. (NMGC). The
transaction is expected to close in the first quarter of 2014, and is
subject to state and federal regulatory approvals. The transaction is
expected to be accretive to earnings in the first full year
post-closing, 2015.
See full press release
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