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New Mexico Gas Company Sale to Bernhard Capital Partners Receives Regulator Approval
The New Mexico Public Regulation Commission has given final approval for the sale of New Mexico Gas Company (NMGC) to Bernhard Capital Partners. The transaction, valued at about $1.25 billion USD, was first announced in August 2024 and is expected to close in August 2026.
The deal will provide Emera Inc. with after‑tax net proceeds estimated between $650 million and $700 million USD, which the company plans to use for investments in its regulated utility businesses and debt repayment. Conditions imposed by the commission include $22.4 million in bill credits, a base‑rate freeze through January 2028, the creation of roughly 20 new full‑time jobs in New Mexico, and a $10 million investment in economic development across NMGC’s service territory. NMGC will retain its headquarters, leadership team and workforce under the new ownership.
Emera, a Canadian energy and services company, acquired NMGC in 2016 as part of its purchase of the TECO Energy group. Bernhard Capital Partners, based in Louisiana, will become the new parent of NMGC, which serves more than 553,000 customers via over 19,300 km of pipeline.
Entities
Bernhard Capital Partners · Emera Inc. · New Mexico Gas Company · New Mexico Public Regulation Commission · Ryan Shell
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The sale will generate after‑tax net proceeds of between $650 million and $700 million USD for Emera. offshoresource.com · www.barks.com
- [○ 1 SOURCE] The deal requires $22.4 million in bill credits during the year after closing. www.kob.com
- [○ 1 SOURCE] The agreement includes a base‑rate freeze through January 2028. www.kob.com
- [● 3 SOURCES] The New Mexico Public Regulation Commission gave final approval for the sale of New Mexico Gas Company to Bernhard Capital Partners. offshoresource.com · www.barks.com · www.kob.com
- [● 3 SOURCES] The transaction value is approximately $1.25 billion USD. offshoresource.com · www.barks.com · www.kob.com
- [● 3 SOURCES] The transaction is expected to be completed in August 2026. offshoresource.com · www.barks.com · www.kob.com
- [○ 1 SOURCE] The deal mandates a $10 million investment in economic development across NMGC’s service territory. www.kob.com
- [○ 1 SOURCE] The transaction requires the creation of about 20 new full‑time jobs in New Mexico. www.kob.com