Emera Inc. received final approval from the New Mexico Public Regulation Commission to sell New Mexico Gas Company (NMGC) to Bernhard Capital Partners. The transaction has an aggregate value of approximately $1.25 billion USD.
The companies expect to finalize the deal in August 2026. Emera projects after-tax net proceeds between $650 million and $700 million USD.
The company will use the proceeds to repay debt and fund other regulated utilities. This divestiture follows the initial deal announcement in August 2024.
NMGC remains the largest natural gas utility in New Mexico. The utility provides service to more than 553,000 customers.