Emera sells New Mexico Gas Company
Analysis based on 10 articles · First reported Jul 30, 2026 · Last updated Aug 12, 2026
The divestiture provides Emerald Holding with significant cash proceeds to reduce debt and fund growth in its regulated utilities, which may strengthen its balance sheet and support its credit profile. For Bernhard Capital Partners, the acquisition expands its portfolio in the infrastructure and services sector, adding a stable regulated utility with a large customer base.
Emerald Holding Inc. completed the sale of its subsidiary Emera — TECO Energy (NMGC) to Bernhard Capital Partners, a private equity firm. The transaction, first announced in August 2024, has an estimated aggregate value of approximately $1.25 billion USD, including the assumption of about $500 million of debt. Emerald Holding expects after-tax net proceeds of $650-$700 million USD, which will be used to support investment opportunities across its regulated utility businesses and to repay company debt. The sale received final approval from the United States — New Mexico Public Regulation Commission. NMGC, headquartered in Albuquerque, is the largest natural gas utility in Mexico, serving over 553,000 customers with more than 19,300 km of pipeline. Emerald Holding had acquired NMGC in 2016 as part of its purchase of the Emera — TECO Energy group. The transaction is expected to close in August 2026.
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