Proposed merger of New Mexico, Connecticut energy companies ends; deal valued at more than $4.3B
Officials with New Mexico’s largest electric utility say a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has ended
ALBUQUERQUE, N.M. (AP) — Officials with New Mexico’s largest electric utility said Tuesday that a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has ended.
Under the proposal, Connecticut-based Avangrid would have acquired PNM Resources and its two utilities — Public Service Co. of New Mexico and Texas New Mexico Power.
The all-cash transaction was valued at more than $4.3 billion and would have opened the door for Iberdrola and Avangrid in a state where more wind and solar power could be generated and exported to larger markets.
“We are greatly disappointed with Avangrid’s decision to terminate the merger agreement and its proposed benefits to our customers and communities,” PNM president and CEO Pat Vincent-Collawn said in a statement.
