By Cristina Roca

PNM Resources Inc. and Iberdrola SA unit Avangrid Inc. are appealing a New Mexico regulator's decision to oppose their merger, and have extended the longstop date of their merger agreement.

Iberdrola, which controls 81.5% of Avangrid, said Tuesday that the two energy-services companies extended the longstop date of their $8.3 billion merger deal to April 20, 2023.

The proposed combination was rejected by the New Mexico Public Regulation Commission last month. Iberdrola said Tuesday that the two companies have filed a notice of appeal before the state's Supreme Court.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

January 04, 2022 02:39 ET (07:39 GMT)

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