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Proposed merger of New Mexico, Connecticut energy companies ends; deal valued at more than $4 3B
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Proposed merger of New Mexico, Connecticut energy companies ends; deal valued at more than $4 3B
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Proposed merger of New Mexico, Connecticut energy companies ends; deal valued at more than $4 3B
go.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from go.com Daily Mail and Mail on Sunday newspapers.
Officials with New Mexico’s largest electric utility said Tuesday that a proposed multibillion-dollar merger with a U.S. subsidiary of global energy giant Iberdrola has been scuttled. Under the proposal, Connecticut-based Avangrid would have acquired PNM Resources and its two utilities — Public Service Co. of New Mexico and Texas New Mexico Power. The all-cash transaction was valued at more than $4.3 billion and would have opened the door for Iberdrola and Avangrid in a state where more wind and solar power could be generated and exported to larger markets.