MADRID (Reuters) – Avangrid (N:), the U.S. unit of Spanish renewable energy group Iberdrola (MC:), has agreed to buy U.S. utility PNM Resources (N:) for around $4.3 billion, Iberdrola said in a stock market filing on Wednesday.
PNM’s board has unanimously approved the cash offer to its shareholders of $50.3 per share, the filing said.
As reported on Tuesday by Reuters, this deal would expand Avangrid’s regulated business beyond the U.S. north east. PNM could also benefit from Avangrid’s renewables experience as it works to cut emissions.
Iberdrola said the merged company would have assets worth $40 billion and generate core earnings of around $2.5 billion and net profit of $850 million.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.