El Paso Electric to be sold for $4.3 billion
ALBUQUERQUE, N.M. — El Paso Electric Co., which serves 100,000 customers in New Mexico, announced a “definitive agreement” Monday with the Infrastructure Investment Fund to acquire the utility for $4.3 billion.
The Investment Fund – an $11.5 billion private investment vehicle advised by J.P. Morgan Investment Management Inc. – offered to buy EPE for $68.25 per share, representing a 17 percent premium over EPE’s closing price on May 31, the last trading day prior to announcing the agreement.
El Paso Electric, listed on the New York Stock Exchange, was trading at $66.30 per share Monday afternoon.
EPE’s Board of Directors unanimously supports the deal, which must still be approved by shareholders and regulatory authorities. If approved, the acquisition could close in early 2020.
Read more: https://www.abqjournal.com/1323640/el-paso-electric-to-be-sold-for-43-billion.html
