Today, TECO Energy Inc filed an application for approval for its acquisition of the New Mexico Public Regulation Commission (PRC). The approval was for its acquisition of the New Mexico Gas Co.
The company announced a joint application filed with New Mexico Gas Co and its parent company, Continental Energy Systems LLC. The said application was submitted in Santa Fe with more than a hundred pages of testimony and exhibits. The decision from the PRC is expected to be received early next year.
Last May, TECO Energy entered into a definitive stock purchase agreement with Continental Energy Systems. The said agreement was for the company to acquire New Mexico Gas Co that was valued at US$950 million. This was subjected to customary closing adjustments. The acquisition transaction was expected to close by the first quarter of 2014 pending approval from state and federal regulators.
Upon the completion of the transaction, TECO Energy subsidiaries would serve more than 2.5 million customers in Florida and New Mexico.
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