Iberdrola, PNM to create $20 billion U.S. clean powerhouse
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AVANGRID (AGR) to Acquire PNM Resources (PNM) for $50.30/Share
October 21, 2020 5:57 AM EDTAVANGRID (NYSE: AGR), a leading sustainable energy company, and PNM Resources (NYSE: PNM) announced today that their respective boards have approved the merger of PNM Resources into AVANGRID. AVANGRID offered $50.30 per share for PNM, an $8.3 billion enterprise value transaction.
Ignacio Galán, chairman of AVANGRID and chairman of IBERDROLA Group, said: "This transaction is a consequence of the IBERDROLA Groups disciplined strategy followed over more than 20 years. This is a friendly transaction, focused on regulated businesses and renewables in highly rated states with legal and regulatory stability and... More
