TECO Energy to buy New Mexico natural gas company

TECO Energy entered into a stock purchase deal to buy New Mexico Gas Intermediate Inc., a unit of Continental Energy Systems, for $950 million. The deal includes TECO’s assumption of $200 million of the natural gas company’s debt.

TECO will acquire NMGI, which owns New Mexico Gas Co., when the transaction is closed in the first quarter of 2014 pending regulatory approvals, according to Power Engineering. New Mexico Gas Co. serves about 509,000 customers throughout New Mexico.

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