New Mexico Gas Company to be sold to private equity firm for $1.252B

ALBUQUERQUE, N.M. — New Mexico Gas Company is set to be sold to private equity firm Bernhard Capital Partners, parent company Emera announced Monday.

Emera is set to sell NMGC to BCP for $1.252 billion. That includes the assumption of around $500 million in debt. The deal is subject to “customary closing adjustments.”

“This transaction strengthens Emera’s balance sheet, supports our ambitious capital plan and reinforces our strategic decision to optimize our portfolio and reallocate capital to our highest growth markets to drive long-term value for our shareholders,” said Scott Balfour, the president and CEO of Emera, Inc.

Balfour touted “nearly $800 million in strategic capital investments” they have made to NMGC. Emera acquired NMGC in 2016.

As of now, NMGC serves over 545,000 customers. They also manage over 12,000 miles of transmission and distribution pipelines.

The sale is expected to lead to 70 new local jobs at NMGC, according to BCP. It is still pending state regulatory approval.

According to NMGC, the timeline is ultimately up to the PRC to determine. An officials say it will likely be “October 2025 at the earliest” before they close the sale.