Iberdrola's Avangrid to Buy PNM Resources for $4.32 Billion
October 21 2020 - 2:19AM
Dow Jones News
By Joshua Kirby
Iberdrola SA said Wednesday that its majority-owned subsidiary
Avangrid Inc. has agreed to buy a 100% stake in New Mexico-based
electricity company PNM Resources Inc. for around $4.32
billion.
Spanish energy company Iberdrola said it would fund the purchase
of PNM Resources by energy-services subsidiary Avangrid, in which
it holds an 81.5% stake.
Avangrid will pay $50.30 a share for PNM Resources, equivalent
to around $4.32 billion.
PNM Resources' board of directors has unanimously approved the
merger deal, Iberdrola said. The deal is dependent on approval by
the U.S. company's shareholders, as well as other regulatory and
other conditions. Avangrid expects the deal to be completed within
12 months.
Write to Joshua Kirby at joshua.kirby@dowjones.com
(END) Dow Jones Newswires
October 21, 2020 02:04 ET (06:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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