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El Paso Electric's $4.3B sale to JPMorgan-tied fund completed; new CEO named
The deal is finally done.
El Paso Electric is no longer a publicly traded electric utility.
It’s now owned by the JPMorgan Chase-tied Infrastructure Investments Fund, or IIF, which on June 1, 2019, agreed to buy the 117-year-old electric utility for $4.3 billion, including assuming $1.5 billion of the utility’s debt.
The sale was completed Wednesday afternoon.
El Paso Electric and IIF also named a new chief executive officer: Kelly Tomblin, who most recently served as CEO and president of INTREN LLC, an electric and natural gas utility contractor based in Illinois. A new company board also has been named.
Read more: https://www.elpasotimes.com/story/news/2020/07/29/el-paso-electric-sale-completed-to-jpmorgan-tied-fund/5532839002/
