We flagged this a few years ago. Jim Bernhard is slowly building himself a little public utilities empire through his new-ish private equity firm. Today we learn he's about to add a pretty big piece to that.
Entergy Corp. is selling its natural gas distribution business to Baton Rouge-based Bernhard Capital Partners, part of a broader strategy shift that if approved by regulators will mean a new gas provider for tens of thousands of Louisiana homeowners.
Entergy officials announced the $484 million deal on Monday and said they hope to finalize the sale in mid-2025.
In an email to customers, Entergy executives said there would be no immediate changes to gas service or bills for their roughly 200,000 customers in Baton Rouge and New Orleans.
“We will work with our customers, regulators and Bernhard Capital to ensure a smooth transition and minimize any inconvenience,” read the message, which was signed by Entergy Louisiana CEO Phillip May and Entergy New Orleans CEO Deanna Rodriguez. They promised to provide additional information “in the months ahead.”
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