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US: TECO Energy nabs 500k customers through buyout

By  |  May 28, 2013

Florida-based energy company TECO has announced plans to buy New Mexico Gas Company in an agreement that will hand TECO an additional 509,000 regulated gas customers. The deal sees TECO make a stock purchase in Continental Energy Systems LLC, as well as its subsidiary New Mexico Gas Intermediate, Inc. for $590 million as well as $200 million of New Mexico Gas debt. While the deal is subject to review from antitrust regulators, the parties expect to close the deal in the first quarter of 2014.

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