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, N.M., company.

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 colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 21, 2020 08:35 ET (12:35 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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