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Proposed merger of New Mexico, Connecticut energy companies scuttled; deal valued at more than $4.3B

ALBUQUERQUE, N.M. (AP) — Officials with New Mexico’s largest electric utility say a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has been scuttled. Under the proposal, Avangrid would have acquired PNM Resources and its two utilities — Public Service Co. of New Mexico and Texas New Mexico Power. The all-cash transaction was valued at more than $4.3 billion and would have opened the door for Iberdrola and Avangrid in a state where more wind and solar power could be generated and exported to larger markets. PNM officials say they are disappointed with Avangrid’s decision to terminate the merger agreement.

Article Topic Follows: AP-National

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