Avangrid Ends $4.3 Billion Deal With PNM Resources
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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst