ALBUQUERQUE, N.M. (KRQE) – New Mexico Gas Company (NMGC) is set to change ownership following a major acquisition announcement. Emera, the current owner based in Nova Scotia, has agreed to sell NMGC to Bernhard Capital Partners for $1.25 billion.
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The company’s president, Ryan Shell, assures customers that the change in ownership will not affect rates. “Who owns [NMGC] doesn’t necessarily impact rates and won’t impact rates,” Shell stated, emphasizing that local operations and investments determine rates, not ownership.
Despite the ownership change, rates are expected to increase later this year due to unrelated factors. Bernhard Capital Partners, based in Louisiana, plans to create 70 new jobs in New Mexico as part of this acquisition, promising local economic growth. Co-founder Jeff Jenkins expressed enthusiasm about the investment and job creation opportunities in the state. “We couldn’t be more excited about the opportunity to invest in New Mexico Gas Company, the opportunity to create 70 new jobs as a part of our investment in New Mexico Gas.”
This transaction marks the end of Emera’s ownership of NMGC, which began in 2016. Bernhard Capital Partners will also assume NMGC’s $500 million debt. This acquisition follows the recent failed merger between PNM and Avangrid, which was rejected by the Public Regulation Commission (PRC) earlier this year.
The sale is subject to approval by the PRC and the approval process and transition are expected to take up to a year.
