PNM Resources, Avangrid Extend Proposed Merger

(RTTNews) - PNM Resources, Inc. (PNM) and Avangrid, Inc. (AGR) have agreed to an amendment and extension of their merger deal through December 31 pending a ruling from New Mexico Supreme Court.

The merger agreement, which allows AGR to acquire PNM, was announced in 2020. It has obtained approval from five federal agencies and the Public Utility Commission of Texas.

In 2021, NMPRC had rejected a stipulated deal providing over $300 million in benefits to New Mexico customers and communities. Now, the deal is under appeal with the New Mexico Supreme Court.

According to the merger deal announced on October 21, 2020, PNM shareholders will receive $50.30 in cash for each share of PNM, representing an equity value of around $4.3 billion.

The merger deal now can be further extended by three months upon mutual agreement from the two parties.