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TECO Energy Inc Announces Agreement To Acquire New Mexico Gas Company

Tuesday, 28 May 2013 07:00am EDT 

TECO Energy Inc announced 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. 

Company Quote

0.14 +0.74%
22 Oct 2014