Avangrid Ends $4.3 Billion Deal With PNM Resources
January 02 2024 - 1:39AM
Dow Jones News
By Adria Calatayud
Iberdrola's 81.5%-owned U.S. business Avangrid has ended a
merger agreement with PNM Resources after rejecting the latest bid
to extend the $4.3 billion deal reached in October 2020.
The Spanish energy company said Tuesday that Avangrid terminated
the deal given that conditions for closing it weren't met in the
timeframe the parties agreed to.
PNM Resources separately said its board of directors approved an
extension which wasn't accepted by Avangrid.
The deal--originally expected to be closed by the end of
2021--had been extended through Dec. 31, 2023, while awaiting a
decision from the New Mexico Supreme Court on the January 2022
appeal of the New Mexico Public Regulation Commission decision
denying the transaction, PNM said
PNM Chairman and Chief Executive Pat Vincent-Collawn said the
company was greatly disappointed with Avangrid's decision to
terminate the merger agreement.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
January 02, 2024 02:24 ET (07:24 GMT)
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