EL PASO, Texas -- Federal regulators on Thurday approved the $4.3 billion sale of the El Paso Electric Co. to an investment fund controlled by global financial giant JP Morgan.
The Federal Energy Regulatory Commission issued an order granting final approval to the deal, which clears the way for the sale to go through. It had previously received approval from Texas regulators and El Paso's local lawmakers.
In order to earn local support for the sale, the Infrastructure Investments Fund (IIF) previously agreed that El Paso Electric would keep its headquarters in El Paso. The new owners also agreed to maintain current employment levels in the city.
"We are pleased to have received this approval, which further confirms the significant value the transaction will provide to our customers, employees and communities," said a joint statement from EPE and IIF. "This transaction will help support our vision for workforce retention and development while providing bill credits to all customers, supporting $1.2 million in philanthropic giving in our community, and creating a regional economic sustainability development fund."
The regional electric utility provides service to 431,000 customers in west Texas and southern New Mexico.