TNP Enterprises, the parent company of Texas-New Mexico PowerCo. (TNMP), was bought by a group of investors headed by WilliamCatacosinos, the former CEO of Long Island Lighting Co., for $1billion, including assumed debt, the parties announced last week.The deal, which TNP said was the first leveraged buyout of anelectric utility, is expected to close in six to nine months.
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Investor Group Buys TNP Enterprises
TNP Enterprises, the parent company of Texas-New Mexico PowerCo. (TNMP), was bought by a group of investors headed by WilliamCatacosinos, the former CEO of Long Island Lighting Co., for $1billion, including assumed debt, the parties announced yesterday.The deal, which TNP said was the first leveraged buyout of anelectric utility, is expected to close in six to nine months.
May 26, 1999
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