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ALBUQUERQUE, N.M. The next steps in regulatory proceedings on the proposed merger between PNM Resources and energy giant Avangrid will be reviewed Tuesday at the state Public Regulation Commission.
PRC hearing examiner Ashley Schannauer will hold a “status conference” among 22 parties intervening in the case.
If approved by the PRC, Avangrid would acquire PNMR and its two utility subsidiaries Public Service Company of New Mexico and Texas New Mexico Power in all-cash transaction valued at $4.3 billion.
Following the status conference, Schannauer must decide whether forthcoming public hearings should focus on a settlement agreement that Avangrid and PNMR reached with 11 of the organizations involved in the proceedings, or discard the settlement and instead review the companies’ original proposal to merge.
Operator
Good day everyone and welcome to the Itron, Inc. Q1 2021 Earnings Conference Call. Today s call is being recorded. For opening remarks, I would like to turn the call over to Ken Gianella. Please go ahead.
Kenneth P. Gianella
Vice President, Investor Relations and Strategy
Thank you, operator. Good morning and welcome to Itron s first quarter 2021 earnings conference call. We issued a press release earlier today announcing our results. The press release includes replay information about today s call. A presentation to accompany our remarks on this call is also available through the webcast and on our corporate website under the Investor Relations tab. On the call today, we have Tom Deitrich, Itron s President and Chief Executive Officer and Joan Hooper, Senior Vice President and Chief Financial Officer.
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Some key dollar figures have come to the forefront as the regulatory examination of the proposed merger between PNM Resources and energy giant Avangrid is set to begin in earnest.
There will be broader policy issues, of course, but based on initial statements and written testimony, we can expect a good deal of focus on the following as the Public Regulation Commission begins open public hearings in May to determine whether the merger is in the public interest:
• $4.3 billion. The amount Avangrid proposes to pay to PNM shareholders in an all-cash deal. Under terms of the merger, PNMR and its two utilities – Public Service Company of New Mexico and Texas New Mexico Power – would become Avangrid subsidiaries. Avangrid is 81% owned by Spanish energy giant Iberdrola S.A.
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