PNM Resources Shares Rise After Deal to Be Acquired by Avangrid
By Colin Kellaher
PNM Resources Inc. shares rose nearly 9% in premarket trading
Wednesday after the company agreed to be acquired by fellow utility
operator Avangrid Inc. for about $4.32 billion.
Avangrid will pay $50.30 a share in cash for PNM, a roughly 10%
premium to Tuesday's closing price of $45.74 for the Albuquerque,
PNM shares were recently up 8.9% to $49.80 in premarket trading,
while shares of Avangrid, majority-owned by Spanish energy company
Iberdrola S.A., slipped 2%.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
October 21, 2020 08:35 ET (12:35 GMT)
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