Avangrid Completes Acquisition of PNM Resources

By Global Infrastructure Sherpa · Dec 18, 2024

Acquisition Utilities announced United States Dec 18, 2024

USD4300M

Deal Value

Avangrid completed its acquisition of PNM Resources after overcoming regulatory hurdles. The deal expands Avangrid's presence in the U.S. Southwest.

Source Intelligence

KEY DETAILS

The merger agreement was extended through 31 December 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. Avangrid said it intends to continue to focus on its growth opportunities, with “over $9bn in incremental capital projects organically secured during the pendency of the merger”.

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Deal Size

Avangrid ends $8bn deal to buy PNM Resources due to regulatory hurdle

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Location

the New Mexico Public Regulation Commission

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Financials

In October 2020, Avangrid announced a merger with smaller NYSE-listed rival PNM in which PNM shareholders were to receive around $4.3bn in cash. The transaction gave PNM an $8.3bn enterprise value

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Announcement

In October 2020, Avangrid announced a merger with smaller NYSE-listed rival PNM in which PNM shareholders were to receive around $4.3bn in cash.

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Expected Close

At the time of the announcement, the companies expected the regulatory approvals to be completed in approximately 12 months.

PARTIES MENTIONED IN SOURCE

Avangrid buyer

"Avangrid ends $8bn deal to buy PNM Resources due to regulatory hurdle"

PNM Resources seller

"Avangrid ends $8bn deal to buy PNM Resources due to regulatory hurdle"

Iberdrola investor

"Avangrid, the US arm of Spanish energy firm Iberdrola, has ended an $8.3bn (€7.5bn) agreement to buy PNM Resources after failing to secure regulatory approval."

high quality Enriched Feb 19, 2026