Trending: Iberdrola's Avangrid Calls Off $4.3 Billion Deal to Merge With PNM Resources
2024年1月2日 - 10:04PM
Dow Jones News
1234 GMT - Iberdrola is among the most mentioned companies
across news items over the past six hours, according to Factiva
data. The Spanish energy company said its majority-owned U.S.
renewables subsidiary Avangrid ended an agreement to merge with PNM
Resources, a $4.3 billion deal that was reached in October 2020 but
that was held back by regulatory issues. Avangrid said it
terminated the deal because all final regulatory approvals weren't
received by a Dec. 31 deadline, with no clear timing on the
resolution of a court review of New Mexico Public Regulation
Commission's decision to reject the merger. PNM said its board of
directors approved an extension which wasn't accepted by Avangrid,
and that it was disappointed with the decision. The termination of
the deal means both companies will need to revisit their future
plans. Avangrid said it intends to continue to focus on its robust
growth opportunities, and that it secured more than $9 billion in
incremental capital projects organically while it waited for the
merger to be completed. PNM said its strategic plans remain focused
on the infrastructure investments necessary to meet the future
energy needs of its customers and communities. Dow Jones & Co.
owns Factiva. (adria.calatayud@dowjones.com)
(END) Dow Jones Newswires
January 02, 2024 07:49 ET (12:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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