Avangrid and PNM Resources Strategic Merger Transaction

On October 21, 2020, PNM Resources announced an agreement to enter into a merger with Avangrid. Under the terms of the proposed merger, PNM Resources shareholders will receive $50.30 in cash for each share of PNM Resources common stock held at closing.

During 2021, PNM Resources shareholders, five federal regulatory agencies and the Public Utility Commission of Texas approved the merger, leaving the New Mexico Public Regulation Commission (NMPRC) as the only remaining approval necessary to close the merger. In December 2021, the NMPRC rejected a stipulation agreement reached between parties in support of the merger.

On January 3, 2022, PNM Resources and Avangrid announced an amendment and extension of their merger agreement and an appeal of the NMPRC decision with the New Mexico Supreme Court. There is no statutory deadline for the Court to act. The merger agreement was extended through December 31, 2023 with an option to extend an additional three months upon mutual agreement from the companies.

On December 31, 2023, Avangrid terminated the merger agreement.

October 21, 2020 Announcement Press Release

October 21, 2020 Announcement Presentation

Definitive Proxy Statement

January 3, 2022 Extension Press Release

January 2, 2024 Termination of Merger Agreement

Regulatory filings related to the transaction can be found here.