Shareholders of El Paso Electric Company, an energy provider to more than 428,000 US consumers, have approved the acquisition of the utility by Infrastructure Investments Fund.
Approximately 99.61% of the shareholders voted in favour of the acquisition deal.
Adrian J Rodriguez, CEO of El Paso, said: “We are pleased to have received support from our shareholders on our transaction with IIF and look forward to continuing the ongoing regulatory approval process.
“Serving the interests of our customers is a top priority for El Paso Electric and IIF, a committed partner with additional resources and utility and renewable energy expertise. We are confident that this agreement is in the public interest, particularly given the significant benefits for our customers, employees, and the communities we serve.”
The deal awaits approval from the Public Utility Commission of Texas, the New Mexico Public Regulation Commission, the Federal Energy Regulatory Commission and the City of El Paso.
The acquisition is expected to be completed by the first half of 2020.