AVANGRID, Inc. (AGR), a leading clean energy company, marked an important milestone in its proposed PNM Resources, Inc. (PNM) merger as PNM Resources’ shareholders voted [overwhelmingly] in favor of the transaction.
AVANGRID announced the strategic PNM Resources merger combination in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the US with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.
“Approval by PNM’s shareholders is an important step toward realizing this strategic transaction. Our two companies share the same values and we are passionate about our customers, employees, and the communities we serve,” said Dennis V. Arriola, CEO of AVANGRID.
The approval follows recent regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) and the expiration of the waiting period under the Hart Scott Rodino Antitrust Improvements Act.
The company continues to pursue state and Federal regulatory approvals for the merger, including approvals from the Federal Energy Regulatory Commission, the Federal Communications Commission, and the Nuclear Regulatory Commission, as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.
