PNM Resources, Avangrid Merger Deal Terminated

(RTTNews) - PNM Resources Inc. (PNM), an energy holding company, on Tuesday announced the termination of its merger deal with Avangrid, Inc., an energy operation unit of Spanish utility, Iberdrola S.A. (IBDSF.PK).

Avangrid rejected PNM Board's decision to approve an extension.

The deal had been extended through December 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. Pat Vincent-Collawn, CEO of PNM Resources, said: "We are greatly disappointed with Avangrid's decision to terminate the merger agreement. As we move forward, we look to build upon our strong track record of delivering financial results and continue to target long-term earnings growth of 5%."

All other federal and state approvals had been received in 2021.

In October 2020, Iberdrola had announced said that its Avangrid agreed to buy PNM Resources for about $8.3 billion.

In addition, PNM said that it is scheduled to release its preliminary full year results on February 6.