Teco Energy Inks $950M Deal For New Mexico Gas Co.

Law360, New York (May 28, 2013, 12:03 PM EDT) -- Florida power and utility company Teco Energy Inc. has agreed to buy the New Mexico gas subsidiary of Continental Energy Systems LLC for $950 million, including roughly $200 million in long-term debt, Teco said Tuesday.

Teco will acquire New Mexico Gas Co. and its parent, New Mexico Gas Intermediate Inc., from Continental Energy. The Tampa-based power company will pay $750 million in cash and equity and assume the long-term debt of New Mexico Gas.

New Mexico Gas provides power to roughly 509,000 customers in the state,...
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