Cibola Citizen Fact Box Transaction Overview: Seller: Emera Inc.
Buyer: Bernhard Capital Partners (BCP) Transaction Value: $1.252 billion USD Debt Assumed: ~$500 million USD Closing Date: Expected late 2025 (not before September 30, 2025) Regulatory Approvals Required: New Mexico Public Regulation Commission, Hart-Scott-Rodino Antitrust Improvements Act
Emera Inc.:
Industry: International Energy and Services Reason for Sale: Strengthening balance sheet, optimizing portfolio, reallocating capital to high-growth markets Previous Acquisition: NMGC acquired in 2016 as part of the TECO group of companies
New Mexico Gas Company (NMGC):
Customers: Over 545,000 Infrastructure: 12,000 miles of transmission and distribution pipelines Investment: Nearly $800 million USD under Emera’s ownership
Bernhard Capital Partners (BCP):
Industry: Services and Infrastructure- Focused Private Equity Strategy: Invest in infrastructure and utilities for resilient communities Commitment: Retain NMGC leadership and employees, create ~70 new local jobs BCP's Portfolio: Nearly 70 companies, 20 platforms, ~20,000 employees globally
Financial Details:
Price-to-Earnings Ratio: ~23x last 12 months earnings Estimated Net Proceeds: ~$750 million USD after tax