Proposed merger of New Mexico, Connecticut energy companies ends; deal valued at more than $4.3B
Officials with New Mexico’s largest electric utility said Tuesday that a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has been scuttled.
Under the proposal, Connecticut-based Avangrid would have acquired PNM Resources and its two utilities. The two utility companies are Public Service Co. of New Mexico and Texas New Mexico Power.
The all-cash transaction was valued at more than $4.3 billion. Which would have give Iberdrola and Avangrid the opportunity be work in New Mexico, where wind and solar power can be exported to larger markets.
PNM officials previously said the proposed multimillion-dollar merger with Avangrid would have helped create jobs. The merger would have also servd utility customers, and boost New Mexico energy efficiency projects.
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