近距离内射合集

State regulators voted 2-1 Thursday to let Louisiana-based Bernhard Capital Partners take control of New Mexico Gas Co., a $1.25 billion deal that has become a flashpoint in a broader fight over private equity ownership.

Commissioner Gabriel Aguilera cast the lone dissenting vote, telling fellow members of the state Public Regulation Commission that the deal鈥檚 risks outweighed its benefits.

鈥淚鈥檝e concluded that the proposed transaction is inconsistent with the public interest,鈥� Aguilera, whose seat is up for grabs this year,  said at Thursday鈥檚 hearing. 鈥淎t the highest level it comes down to this: The modest benefits offered by the joint applicants are outweighed by the inherent risk and uncertainty tied to the transaction.鈥�

But his argument did not prevail. Commissioners Patrick O鈥機onnell and Greg Nibert 鈥� the commission鈥檚 sole Republican 鈥� voted in favor of the deal.

Emera Inc., the Canadian energy company that has owned NMGC since 2016, first proposed selling the gas utility to Bernhard in 2024. Hearing examiners recommended in May that the state Public Regulation Commission approve the sale.

Under the deal, Bernhard would acquire NMGC through a multilayered ownership structure common in private equity transactions. The firm鈥檚 investment funds would own interests in the utility through a series of intermediate companies. Bernhard did not disclose the funds鈥� investors, but the company said they include institutional investors such as pensions.

Bernhard would also assume $500 million in NMGC鈥檚 debt, as well as an additional $250 million in debt from creditors. The rest would be financed through equity through Bernhard鈥檚 investment funds.

In December, New Mexico Attorney General Ra煤l Torrez filed a motion in the case raising concerns about those debt commitments 鈥� and whether the PRC would have proper jurisdiction to oversee Bernhard Capital Partners.

This story will be updated. 

Justin Horwath covers tech and energy for the Journal. You can reach him at jhorwath@abqjournal.com.