Iberdrola‘s U.S. unit Avangrid Inc said on Tuesday it has terminated its planned USD 8.3 billion acquisition of rival PNM Resources because it could not get all the necessary regulatory approvals to close the deal by Dec. 31, 2023.
The deal, worth USD 4.3 billion excluding debt, was unanimously approved by PNM’s board in 2020 and was expected to create a renewable energy operator with a combined market value topping USD 20 billion.
The two utility companies had obtained all necessary approvals by the end of December except that of the New Mexico Public Regulation Commission, Avangrid said in a statement.
The regulator had rejected Avangrid’s proposed acquisition of PNM Resources in 2021, saying…
