Avangrid cancels merger with PNM following legal delays
US clean energy company Avangrid has cancelled a proposed merger with the Public Services Company of New Mexico (PNM), following two years of delays in the approval process.
PNM and Avangrid, a subsidiary of Spanish renewables company Iberdrola, signed the agreement in October 2020. Valued at US$8.3 billion, the deal would see PNM become a wholly-owned subsidiary of Avangrid, and PNM shareholders receive US$3.4 billion in cash. The merger has been delayed by investigations into the companies by the New Mexico Public Regulation Commission (NMPRC), which culminated the companies launching an appeal with the New Mexico Supreme Court to intercede on their behalf in January 2022.
(The above content is reproduced from pv-tech，ByJP Casey）
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