EL PASO, Texas - A company called Infrastructure Investments Fund has purchased El Paso Electric.
MarketWatch says the deal is worth $4.3 billion, or $68.25 per share. The financial site is also reporting that EPE stocks shot up in anticipation of the deal.
The tweet includes a statement to customers, which says that, "this is a major step in EPE's ongoing commitment to providing safe, clean, affordable and reliable energy to you, our customers."
El Paso Electric tells ABC-7 that the deal will not impact jobs or rates in the Borderland, and that the utility will remain headquartered in El Paso.
IIF is expected to commit $21 million in customer credits over the next 36 months, as well as over $100 million in growth and economic development.
The company, IIF, is a J.P. Morgan Investment Management Inc. company.