Emera Inc., an international energy holding company headquartered in Canada, has entered into an agreement to sell its wholly owned subsidiary New Mexico Gas Company Inc. to Baton Rouge-based Bernhard Capital Partners.

The local private equity firm will acquire NMGC for a total transaction value of $1.252 billion, including the assumption of approximately $500 million in debt, it said in a statement. The deal is subject to regulatory approval from the New Mexico Public Regulation Commission and is expected to close in late 2025.

Based in Albuquerque, New Mexico, NMGC maintains over 12,000 miles of transmission and distribution pipelines and serves more than 545,000 commercial, residential and transportation customers. It is the largest natural gas utility in New Mexico. Emera acquired NMGC as part of its acquisition of TECO Energy Inc. in 2016.

“This investment is directly aligned with Bernhard Capital’s strategy to invest in infrastructure assets and utilities that are critical to building more resilient communities,” said Jeff Jenkins, founder and partner of Bernhard Capital Partners.

News of the deal follows a series of acquisitions by Bernhard Capital Partners. This year alone, the firm has acquired a nuclear consulting firm, a government technology services provider and a multidisciplinary development consulting and program management firm.