Spain’s Iberdrola announced a deal worth US$8.3 billion including debt on Wednesday, October 21, adding PNM Resources to its Avangrid business to create the third-largest US renewable energy operator, reported Reuters.
Absorbing PNM into Avangrid will create an operator present in 24 states, Iberdrola said, and bring together firms with a combined market value topping US$20 billion.
PNM’s board unanimously approved the US$4.3 billion offer to its shareholders of US$50.3 per share, the filing stated. Iberdrola expects the deal to close in 2021 and to start boosting financial results from the first year.
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