We are advising Emera on the transaction

Davis Polk is advising Emera Inc. on the sale of its wholly owned operating company, New Mexico Gas Company, Inc. (NMGC), to Bernhard Capital Partners Management, LP (BCP) for an aggregate transaction value of $1.252 billion, including the assumption of approximately $500 million of debt. The transaction is subject to customary closing conditions and is expected to close in late 2025.

Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $39 billion in assets and 2023 revenues of $7.6 billion. Emera has investments in Canada, the United States and the Caribbean. NMGC is the largest natural gas utility in New Mexico, serving over 540,000 customers and safely managing more than 12,000 miles of transmission and distribution pipelines.

BCP is a middle-market services and infrastructure-focused private equity firm with operational excellence in the industry that provides insight into critical infrastructure and its future. BCP has $4 billion in assets under management with over 19,000 portfolio company employees and more than 65 acquisitions.

The Davis Polk corporate team includes partners William H. Aaronson and Michael Gilson and associate Ryan Olson. The finance team includes partner Jack Orford and associate Bailey Miller. Partner Pritesh P. Shah and associate Jordan Khorshad are providing intellectual property advice. Partner William A. Curran is providing tax advice. Partner Jennifer S. Conway and associate Justin Alexander Kasprisin are providing executive compensation advice. Members of the Davis Polk team are based in the New York and Northern California offices. 

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