Avangrid (AGR) Announces FCC Approves Transfer of Licenses Related to its Proposed PNM Resources Merger
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AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today that it has received the approval of the transfer of operating licenses from the Federal Communications Commission (FCC) related to the proposed PNM Resources (NYSE: PNM) merger.
“We are pleased with the continued progress of the required regulatory approvals for this transaction,” said Dennis V. Arriola, CEO of AVANGRID. “Combining AVANGRID and PNM Resources will bring together two companies committed to a clean energy future with a transaction that will deliver tangible benefits for customers in New Mexico and Texas.”
Today’s announcement follows the recent approval of the merger by PNM Resources’ shareholders, the receipt of regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
The company continues to pursue state and Federal regulatory approvals for the merger, including from the Nuclear Regulatory Commission and the Federal Energy Regulatory Commission (FERC), as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.
AVANGRID announced the strategic PNM Resources merger combination in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the U.S. with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.
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