M&A Deal Summary

TECO Energy Acquires New Mexico Gas

On September 3, 2014, TECO Energy acquired utilities company New Mexico Gas from Continental Energy Systems for 950M USD

Acquisition Highlights
  • This is TECO Energy’s 1st transaction in the Utilities sector.
  • This is TECO Energy’s largest (disclosed) transaction.
  • This is TECO Energy’s 2nd transaction in the United States.
  • This is TECO Energy’s 1st transaction in New Mexico.

M&A Deal Summary
Date 2014-09-03
Target New Mexico Gas
Sector Utilities
Buyer(s) TECO Energy
Sellers(s) Continental Energy Systems
Deal Type Divestiture
Deal Value 950M USD
Advisor(s) Jennings Haug Keleher McLeod (Legal)

Target

New Mexico Gas

Albuquerque, New Mexico, United States
New Mexico Gas Co., Inc., a gas company. Maintains 12,000 miles of natural gas pipeline to provide service to more than 513,000 residential, commercial and transportation customers.

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Buyer(S) 1

Buyer

TECO Energy

Tampa, Florida, United States
Category Company
Founded 1899
Sector Energy Services and Equipment
Employees4,400
Revenue 2.6B USD (2014)
DESCRIPTION

TECO Energy, Inc. is an energy-related holding company with regulated electric and gas utilities

DEAL STATS #
Overall 2 of 2
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (New Mexico) 1 of 1
Country (United States) 2 of 2
Year (2014) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-19 Commonwealth Chesapeake Co

New Church, Virginia, United States

Commonwealth Chesapeake Co LLC is a simple-cycle plant provides electric generating capacity to the PJM Interconnection market during periods of peak demand.

Sell $89M

Seller(S) 1

SELLER

Continental Energy Systems

New York, New York, United States
Category Company
Sector Energy Services and Equipment
DESCRIPTION

Continental Energy Systems transmits and distributes natural gas to customers in Alaska, Michigan, and New Mexico. The company distributes natural gas to residential, commercial, and industrial customers in service territories in the southern half of the state’s Lower Peninsula and in the central, eastern, and western parts of the state’s Upper Peninsula. It also distributes propane in Michigan’s Upper Peninsula; and natural gas pipeline and storage operations in Michigan.

DEAL STATS #
Overall 2 of 2
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (New Mexico) 1 of 1
Country (United States) 2 of 2
Year (2014) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 SEMCO Energy

Port Huron, Michigan, United States

Semco Energy Inc. indirectly holds a regulated gas distribution utility in Alaska through Enstar Natural Gas Co. and an interest in Cook Inlet Natural Gas Storage Alaska LLC, a regulated gas storage utility under construction.

Sell $1.1B
Mergr

Product

Company

Legal