JP Morgan to acquire El Paso Electric for $4.3bn.

Infrastructure Investments Fund, an Investment Vehicle Advised by JP Morgan Investment Management, agreed to acquire El Paso Electric, a Texas-based public utility company, engaging in the generation, transmission, and distribution of electricity, for $4.3bn. IIF will purchase EPE for $68.25 per share in cash representing an enterprise value of approximately $4.3bn, including EPE’s net debt. The per share purchase price represents a 17% premium to EPE’s closing price on May 31, 2019. “As we look to the future and the long-term investment required to meet the growing energy needs of our communities, we are confident IIF is the ideal partner for our region and EPE. This agreement demonstrates that IIF values local job retention and growth; creating a sustainable path to enhance our renewable energy resources and protecting the environment; and treating our 1,100 employees, their families and our customers with transparency and respect. Our partnership brings value to everyone; our customers, shareholders, our employees and community. This is a tremendous opportunity to scale and prepare the Company for a clean energy future that is local and sustainable,” Mary Kipp, El Paso Electric President and CEO. US Nuclear Regulatory Commission approved the joint application for the indirect transfer of control of EPE’s ownership interest in the Palo Verde Nuclear Generating Station to IIF on March 6, 2020.