Deals
A JPMorgan Fund Making Its Biggest Utility Bet Yet With El Paso
- El Paso is biggest utility deal so far for infrastructure fund
- Company to join portfolio that includes renewables, water, gas
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A JPMorgan Chase & Co. investment fund that has been steadily snapping up utilities over the years is about to make its biggest bet on the sector yet.
On Monday, JPMorgan’s Infrastructure Investments Fund reached an agreement to buy the Texas power company El Paso Electric Co. for $2.78 billion in cash. It’s rare to see a bank’s fund involved in buying an electric utility outright. But in this case, the deal expands upon a 19-company portfolio of energy, water and infrastructure businesses that already includes natural gas distributor Summit Utilities and solar and wind power firm Novatus Energy.