This Slide: #31 of 38 |
Slide #31. TECO Energy, Inc. — New Mexico Gas Company
Acquirer:
TECO Energy, Inc. (TE)
Acquiree:
New Mexico Gas Company
Details:
TECO Energy, Inc. (NYSE: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.
TECO Energy is a holding company for regulated utilities and other businesses. Co. holds the common stock of Tampa Electric Company (TEC) and, through its subsidiaries, New Mexico Gas Intermediate, Inc., owns New Mexico Gas Company, Inc. (NMGC). TEC has two business segments: Tampa Electric, which is engaged in the generation, purchase, transmission, distribution and sale of electric energy; and Peoples Gas System, which is engaged in the purchase, distribution and sale of natural gas for residential, commercial, industrial and electric power generation customers. NMGC is engaged in the purchase, distribution and sale of natural gas for residential, commercial and industrial customers.
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