Emera Inc. received final approval from the New Mexico Public Regulation Commission to sell New Mexico Gas Company. An affiliate of Bernhard Capital Partners will acquire the utility for an aggregate transaction value of approximately $1.25 billion USD.
The deal is expected to close in August 2026 following its initial announcement in August 2024. Emera anticipates after-tax net proceeds of $650 million to $700 million from the divestiture.
The company will use the capital to reduce corporate debt and fund investments in its other regulated utility businesses. New Mexico Gas Company currently serves more than 553,000 customers as the state's largest natural gas provider.