from SNL Energy Finance Daily
El Paso Electric, JPMorgan-advised fund clear final hurdle to close $4.3B deal
Byline: Nephele Kirong
El Paso Electric Co. and J.P. Morgan Investment Management Inc.-advised IIF US Holdings 2 LP said July 27 that they have received the final regulatory approval from the Federal Energy Regulatory Commission to complete their proposed $4.3 billion deal.
In March, FERC approved IIF US Holdings 2's acquisition of El Paso Electric, subject to further approval of mitigation to address discrete competitive effects of the deal. The commission cleared the proposed mitigation July 22.
The companies expect to close the transaction on July 29, subject to the satisfaction of closing conditions. Upon deal closing, El Paso Electric share will cease to be listed for trading on the New York Stock Exchange.
El Paso Electric expects it board to declare a "stub period" dividend of 0.4505 cent per share multiplied by the number of days from and including June 17, the day after the record date for the most recent regular dividend, to and including the deal closing date.