PNM - US utility PNM Resources to be acquired by Spain's Iberdrola

Iberdrola (IBDSF) agrees to acquire PNM Resources and add it to its Avangrid business to create the third-largest U.S. renewable energy operator, with ~$14B of rate base, over 4M customers and more than 7.4 gigawatts of renewable energy assets.Iberdrola said the merged company's combined market value topping $20B, would have assets worth $40B, generate core earnings of ~$2.5B and net profit of $850M; the deal is expected to close in 2021 and start boosting financial results from the first year.PNM’s board unanimously approved the $4.3B offer to its shareholders of $50.3 per share, implying a 19.3% premium.Active in New Mexico and Texas, PNM gives Avangrid a route to expand its regulated business beyond the U.S. northeast.PNM could also benefit from Avangrid’s renewables experience as it works to cut emissions, and remains committed to exiting coal through the abandonment of San Juan Generating Station in 2022 and exit its 200-megawatt ownership interest in the

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US utility PNM Resources to be acquired by Spain's Iberdrola