The Murfreesboro, Tenn., City Council voted 6-1 on Thursday, Jan. 9 to sell Murfreesboro ED (MED) to Middle Tennessee EMC (MTEMC).
The vote clears the way for MTEMC, also based in Murfreesboro, to buy its municipal counterpart for $202 million to be paid over 15 years at 3.3 percent interest and a cash downpayment to be determined at closing.
“We’d like to thank the Murfreesboro City Council for their confidence in MTEMC,” said MTEMC President & CEO Chris Jones. “We also look forward to the upcoming months as we welcome the MED employees aboard and begin the work of coming together. Given all of the efficiencies this merger creates, we’re confident that we’ll create an even greater utility that will serve to improve the lives of all of the members.”
Once the MTEMC board approves the merger, the cooperative will assemble the necessary material and documents to submit to TVA for regulatory approval. The City of Murfreesboro will appoint two new board members to MTEMC upon closing the merger.