US clean energy company Avangrid has cancelled a proposed merger with the Public Services Company of New Mexico (PNM), following two years of delays in the approval process.
PNM and Avangrid, a subsidiary of Spanish renewables company Iberdrola, signed the agreement in October 2020. Valued at US$8.3 billion, the deal would see PNM become a wholly-owned subsidiary of Avangrid, and PNM shareholders receive US$3.4 billion in cash. The merger has been delayed by investigations into the companies by the New Mexico Public Regulation Commission (NMPRC), which culminated the companies launching an appeal with the New Mexico Supreme Court to intercede on their behalf in January 2022.
(The above content is reproduced from pv-tech，By JP Casey）
Disclaimer: This website reproduces information from cooperative media, institutions or other websites. The publication of this article for the purpose of transmitting more information,and it does not imply endorsement of its views or confirmation of the authenticity of the content. All information on this website is for reference only and can’t be used as the basis for transactions or services. If there are any infringement or other issues in the content of this website, please notify it in time, then this website will be promptly modified or deleted. Anyone who logs in to this website in any way, or directly or indirectly uses the information on this website shall be deemed to have voluntarily accepted the binding of this website statement.
