Energy company selling off gas distribution business
31 October 2023
Private equity firm buying Louisiana properties for $484 million
Louisiana-based Entergy will sell its gas distribution business to private equity firm Bernhard Capital Partners $484 million.
Entergy Louisiana’s gas business serves approximately 95,000 homes and businesses in the Baton Rouge area, and Entergy New Orleans’ gas business serves approximately 109,000 homes and businesses in New Orleans.
“Our work is focused on strengthening businesses to, in turn, strengthen some of our country’s most critical infrastructure assets,” said Jeff Jenkins, founder and partner at Bernhard Capital Partners. “Under Entergy’s leadership, the natural gas distribution business has effectively served the two largest metropolitan areas in our state for decades.”
In addition to customary closing conditions, the sale will require regulatory approvals by the Louisiana Public Service Commission, the City of Baton Rouge/East Baton Rouge Parish Metropolitan Council and the New Orleans City Council. The sale is expected to close in approximately 21 months, inclusive of the regulatory review process and a transition period.