FERC Approves AVANGRID’s Proposed PNM Resources Merger
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AVANGRID, Inc. has received Federal Energy Regulatory Commission (FERC) approval for its proposed PNM Resources merger.
“This approval is an important step in the merger process, which will bring together two companies focused on delivering safe, reliable and clean energy for customers and communities,” said Dennis Arriola, CEO of AVANGRID.
“The merger will further AVANGRID’s growth in both clean energy distribution and transmission, as well as expand our leadership position in renewables,” added Arriola.
FERC’s approval follows the Federal Communications Commission (FCC) approval, the approval of the merger by PNM Resources’ shareholders, the receipt of 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 recently signed a unanimous stipulation agreement with all parties for the merger approval before the Public Utility Commission of Texas and continues to pursue state approval for the merger from the New Mexico Public Regulation Commission. The merger also requires approval from the Nuclear Regulatory Commission.
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 U.S. with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.
About AVANGRID
AVANGRID, Inc. aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, Connecticut with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States.
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