TECO Energy Seeks Acquisition Approval From New Mexico Regulators

(RTTNews) - TECO Energy Inc. (TE) said Tuesday tat it has filed its application with the New Mexico Public Regulation Commission for approval of its acquisition of New Mexico Gas Co.

A decision by the New Mexico Public Regulation Commission is expected by early 2014.

In May, TECO Energy entered into a definitive stock purchase agreement with Continental Energy Systems LLC to acquire New Mexico Gas Co. for a purchase price of $950 million, subject to customary closing adjustments. The deal is expected to close in the first quarter of 2014, pending approval from state and federal regulators.

New Mexico Gas Co. serves about 509,000 customers throughout New Mexico. Upon closing of the deal, TECO Energy subsidiaries would serve more than 1.5 million regulated electric and gas utility customers in Florida and New Mexico.