May 28, 2013 - TECO Energy, Inc. (NYSE:TE) today announced that it has entered into a definitive stock purchase agreement with Continental Energy Systems LLC, and its subsidiary New Mexico Gas Intermediate, Inc. (NMGI), to acquire New Mexico Gas Company for an aggregate value of $950 million, including the assumption of $200 million of New Mexico Gas Company debt, subject to customary closing adjustments. Cravath, Swaine & Moore LLP is representing Continental Energy Systems, a portfolio company of Lindsay Goldberg LLC, in connection with this transaction. The transaction is expected to close in the first quarter of 2014, and is subject to regulatory approvals.
The Cravath team included partners Andrew R. Thompson and Richard Hall and associates Benjamin C. Hewitt, Kenneth S. Gerold and Curtis R. Weber (M&A); partner J. Leonard Teti II and associates Matthew O. Williams and William B. Abbott (tax); partner Jennifer S. Conway and associates Jarrett R. Hoffman and Michelle M. Garrett (executive compensation and benefits); and senior attorney Annmarie M. Terraciano (environmental). Michele A. Cera and Lauren K. Lubelsky also worked on M&A matters.