Iberdrola’s Avangrid Ends $4.3 Billion Deal With PNM Resourcesthedigitalchaps


Updated Jan. 2, 2024 3:55 am ET

Iberdrola’s U.S. renewables subsidiary Avangrid has ended a merger agreement with power company PNM Resources after rejecting a bid to extend the deadline of the $4.3 billion deal reached in October 2020.

The Spanish energy company said Tuesday that Avangrid—which is 81.5%-owned by Iberdrola and houses its U.S. renewable-energy assets as well as electric and natural-gas utilities—terminated the deal after conditions for closing it weren’t met in the timeframe the parties agreed to.

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