TAMPA – The parent company of Tampa Electric Co. said today that it was acquiring New Mexico Gas Co. for about $950 million, adding about 509,000 customers to its gas distribution operations.
New Mexico Gas, with about 740 employees, serves about 60 percent of the state’s population, mostly in the state’s Central Rio Grande Corridor region, TECO said.
“We are adding 50 percent to our customer base in a single transaction, and we expect it to provide opportunities for future growth in an attractive Sun Belt location,” TECO Energy President and Chief Executive Officer John Ramil said in a news release.
The transaction, subject to state and federal approvals, was expected to close in the first quarter of 2014, TECO Energy said.
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