Emera Closes Deal on $1.25 Billion NM Gas Utility Sale

Emera Inc., a Canadian energy company, has secured final approval from the New Mexico Public Regulation Commission to sell its subsidiary, New Mexico Gas Company, for $1.25 billion. The sale was first announced in August 2024 and is expected to generate after-tax net proceeds of between $650 million and $700 million for Emera.

The company plans to use these funds to strengthen its financial position by reducing debt while supporting investments across its regulated utility businesses. New Mexico Gas Company, which has been part of Emera's portfolio since 2016, is the largest natural gas distribution utility in New Mexico, serving over 553,000 customers.

Scott Balfour, President and Chief Executive Officer of Emera, welcomed the decision, describing it as an important achievement that aligns with the company's long-term strategic objectives. He expressed confidence that Bernhard Capital Partners will continue to strengthen the utility's operations while maintaining its focus on delivering dependable natural gas services.