Proposed Acquisition of El Paso Electric by The Infrastructure Investments Fund on Track to Close in First Half of 2020
EL PASO, Texas & NEW YORK–(BUSINESS WIRE)–El Paso Electric Company (EPE) (NYSE: EE) and the Infrastructure Investments Fund (IIF) today announced that the U.S. Nuclear Regulatory Commission (NRC) approved the joint application for the indirect transfer of control of EPE’s ownership interest in the Palo Verde Nuclear Generating Station to IIF as a result of its proposed acquisition of EPE.
EPE and IIF issued the following statement:
This approval marks another important milestone in connection with IIF’s proposed acquisition of El Paso Electric. In addition to approval from EPE shareholders, we have now received five out of the seven required governmental approvals. We expect to close the transaction in the first half of 2020, which we continue to believe will provide meaningful benefits to our customers, employees and the communities we serve.
As previously announced, the Public Utility Commission of Texas, the City of El Paso, Texas, the Federal Trade Commission, and the Federal Communications Commission have all approved the acquisition. Approvals from the New Mexico Public Regulation Commission and the Federal Energy Regulatory Commission are still pending.
About El Paso Electric
El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 433,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico.
About The Infrastructure Investments Fund
The Infrastructure Investments Fund (IIF) is a $12.5 billion private investment vehicle advised by a dedicated infrastructure investment group within J.P. Morgan Investment Management Inc. IIF is responsible for investing and growing the retirement funds of more than 40 million families, including 2 million people across Texas and New Mexico who will be invested in El Paso Electric.
Certain matters discussed in this news release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include those statements regarding regulatory approvals and the expected timing of closing the proposed transaction. Forward-looking statements often include words like “believe”, “anticipate”, “target”, “project”, “expect”, “predict”, “pro forma”, “estimate”, “intend”, “will”, “is designed to”, “plan”, and words of similar meaning, or are indicated by EPE’s discussion of strategies or trends. Forward-looking statements describe EPE’s future plans, objectives, expectations or goals. Although EPE believes that the expectations reflected in such forward-looking statements are reasonable, no assurances can be given that these expectations will prove to be correct. Such statements address future events and conditions and include, but are not limited to, statements relating to: (1) IIF’s proposed acquisition of EPE, (2) regulatory approvals for the proposed transaction, (3) the closing of the proposed transaction, and (4) the expected timing of closing the proposed transaction. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those expressed in forward-looking statements is contained in EPE’s most recently filed periodic reports and in other filings made by EPE with the U.S. Securities and Exchange Commission from time to time. Any such forward-looking statement is qualified by reference to these risks and factors. EPE cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements. Forward-looking statements speak only as of the date of this news release, and EPE does not undertake to update any forward-looking statement contained herein.
For El Paso Electric:
National Media Contact
Frances Jeter | (713) 304-1849
Local Media Contact
George De La Torre | 915.493.5608
Investor Relations Contact
Lisa Budtke | 915.543.5947
Barrett Golden / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher