LOUISIANA, USA — In a $484 million deal, Entergy announced Friday that it has sold its gas business to a Baton Rouge private equity firm.
According to NOLA.com, Entergy officials said the deal with Bernhard Capital Partners will support the company's finances. The sale also comes as regulators seek to break up the company's monopoly on energy services in Louisiana.
Entergy said they believe the sale will not have a major impact on customers, and will likely take effect in 21 months pending regulatory approval.
"We will work with our customers, regulators and Bernhard Capital to ensure a smooth transition and minimize any inconvenience to customers," Entergy Louisiana and Entergy New Orleans CEOs Phillip May and Deanna Rodriguez said.
Entergy Louisiana serves about 95,000 homes in Baton Rouge and Entergy New Orleans services about 109,000 homes.
The sale is pending approval from the Louisiana Public Service Commission, Baton Rouge Metro Council and New Orleans City council.
