Avangrid, a sustainable energy company and member of the Iberdrola Group, has terminated its $8.3 billion merger agreement with rival PNM Resources, an energy holding company that provides electricity to more than 800,000 homes and businesses in New Mexico and Texas through its regulated utilities PNM and TNMP.
The merger agreement, originally announced in October 2020, called for PNM Resources shareholders to receive $50.30 in cash for each share of PNM Resources common stock held at closing. In 2021, PNM Resources shareholders, five federal regulatory agencies and the Public Utility Commission of Texas approved the merger, leaving the New Mexico Public Regulation Commission (NMPRC) as the only holdout necessary to close the merger.
In December 2021, the NMPRC rejected a stipulation agreement reached between parties in support of the merger. On Jan. 3, 2022, PNM Resources and Avangrid announced an amendment and extension of their merger agreement and an appeal of the
