El Paso Electric sale to JP Morgan fund completed, new CEO named
EL PASO, Texas – The $4.3 billion sale of El Paso Electric Company to an investment fund controlled by global financial giant JP Morgan officially closed Wednesday as the new ownership immediately named an incoming CEO for the utility firm.
EPE's acquisition by Infrastructure Investments Fund came a week after the Federal Energy Regulatory Commission granted final approval for the sale, which had previously received the go-ahead from Texas regulators and El Paso's local lawmakers.
As a result of the sale's completion, El Paso Electric will no longer be listed on the New York Stock Exchange.
Kelly Tomblin will take the helm as the new CEO after three-decades leading utilities across the globe, officials said, citing her "executive experience and proven track-record."
“Tomblin is one of the most dynamic and accomplished leaders in the energy industry and we are excited to appoint her as EPE’s incoming CEO," said Frank Cassidy, who is taking over as chairman of El Paso Electric's board of directors.
In order to earn local support for the sale, the IIF agreed that El Paso Electric would keep its headquarters in El Paso. The new ownership also agreed to maintain current employment levels in the city.
"I am committed to ensuring that EPE continues to invest in our neighborhoods while delivering safe and reliable service to all our customers," said Tomblin in a statement issued by the company.
The regional electric utility provides service to 431,000 customers in west Texas and southern New Mexico.