Iberdrola’s Avangrid to Acquire PNM Resources
Posted on 10/21/2020
Spanish renewable energy firm Iberdrola inked a deal to acquire utility PNM Resources through its U.S. unit Avangrid, Inc. The enterprise value of the deal is US$ 8.3 billion. The board of PNM Resources approved the US$ 4.3 billion offer to its shareholders.
Iberdrola is searching for regulated businesses and renewable energy in markets that have legal and regulatory stability. This is Iberdrola’s eighth deal for 2020 as part of a 10 billion euro investment plan.
PNM Resources is an energy holding company based in Albuquerque, New Mexico, with 2019 consolidated operating revenues of US$ 1.5 billion.