PNM Resources (PNM) Shareholders Overwhelmingly Approve Merger with Avangrid (AGR)
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PNM Resources, Inc. (NYSE: PNM) shareholders voted overwhelmingly to approve the merger agreement with AVANGRID, Inc. at a special shareholders meeting held earlier today. Under the terms of the proposed merger, PNM Resources shareholders will receive $50.30 in cash for each share of PNM Resources common stock held at closing.
"We are delighted by the overwhelming shareholder support of this merger," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We remain focused on the ultimate goal of this merger to provide benefits to customers, employees and communities by advancing our utilities into the clean energy future. We continue to move forward on the remaining regulatory approvals in New Mexico and Texas, along with federal approvals, to realize these benefits for our stakeholders."
Of the shares voted, approximately 93 percent voted to approve the proposed merger agreement, reflecting approximately 70 percent of shares issued and outstanding on the record date. PNM Resources will report the final vote results in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
Clearances under the Hart-Scott-Rodino Act and the Committee on Foreign Investment in the United States (CFIUS) have already been received. Approvals continue to be pursued from the Federal Communications Commission, Nuclear Regulatory Commission, Federal Energy Regulatory Commission, Public Utility Commission of Texas and New Mexico Public Regulation Commission.
PNM Resources continues to anticipate that the closing of the merger will occur in the second half of 2021, subject to the satisfaction or waiver of the remaining customary conditions to closing, including among other things, receipt of other required state and federal regulatory approvals.
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