Baker Botts, Skadden Steer $4.3B Deal For El Paso Electric
By Benjamin Horney (June 3, 2019, 1:43 PM EDT) -- An infrastructure investment fund affiliated with J.P. Morgan on Monday inked a roughly $4.3 billion agreement to acquire El Paso Electric Co., which provides power to about 428,000 customers across West Texas and southern New Mexico, in a deal guided by Baker Botts and Skadden.
The deal sees J.P. Morgan Investment Management Inc.'s Infrastructure Investments Fund paying $68.25 in cash per share of El Paso Electric, equivalent to an enterprise value of about $4.3 billion, according to a statement. The per-share price represents a premium of roughly 17% to El Paso Electric's closing price Friday.
Under the terms of the agreement,...
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