Industry News

Blog

energy company fails to complete merger of resource companies in new mexico

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.

Read the full story here

 

you may also like

Liz Griggs - Pioneering Private Equity

Pioneering Private Equity with Liz Griggs

Liz Griggs, founder and CEO of Grantchester Group, reflects on her remarkable journey through finance, entrepreneurship, and…

energy advances to help with hot summer tempratures

Embracing Summer: Three Exciting Energy Solution Advancements

As summer temperatures soar, so does the demand for efficient and sustainable energy solutions. This year, three…

African american female works in a labratory setting.

Merck Partners with America’s Largest HBCU to Launch Collaborative Biotechnology Learning Center

Merck has partnered with North Carolina A&T State University, the largest historically Black college and university (HBCU)…

Cargo shipping port.

Energy News Roundup: Great Lakes Shipping Industry Calls for Decarbonization Funding

In the Great Lakes region, shipping ports are striving to cut carbon emissions to meet global climate…