Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

February 17, 2021

Shareholders approve Avangrid’s merger with New Mexico utilities company

PHOTO | New Haven BIZ Avangrid’s headquarters in Orange.
By Natalie Missakian

Orange-based energy company Avangrid Inc. is a step closer to completing its  $8.3 billion merger with a New Mexico utilities operator that will significantly expand the company’s reach in the U.S. 

Shareholders of PNM Resources, which runs utilities in New Mexico and Texas, voted “overwhelmingly” in favor of the proposed merger, Avangrid announced in a news release.

The deal gives shareholders $50.30 in cash for each share, putting the value of the merger at $8.3 billion.

Avangrid, which is owned by Spanish energy giant Iberdrola, first announced the merger last October.

“Approval by PNM’s shareholders is an important step toward realizing this strategic transaction,” Avangrid CEO Dennis V. Arriola said in a statement. “ Our two companies share the same values and we are passionate about our customers, employees and the communities we serve.”

The company said it is still pursuing regulatory approvals from federal and state agencies. If all are received, the merger is expected to close sometime this year. 

The merger would add roughly 790,000 customers to Avangrid’s existing 3.3 million customer count in the Northeast. 

Avangrid said the combined company would be one of the major clean energy companies in the U.S., with 10 regulated utilities in six states. It also would be the nation’s third-largest renewable energy company with operations in 24 states.

Contact Natalie Missakian at news@newhavenbiz.com

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF