FinancialBuzz.com’s latest The Buzz Show: Featuring Our Corporate News Recap on “PNM Resources to Merge with Avangrid in USD 4.3 Billion Deal”
PNM Resources, Inc. (NYSE: PNM) shot up 9% in premarket trading as its merger into Avangrid Inc. (NYSE: AGR) was approved by the respective boards
The merger will create one of biggest clean energy companies in the US with Avangrid’s all cash offer evaluating PNM’s enterprise value at 8.3 billion dollars.
PNM Resources is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas
Avangrid, Inc. is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 states in the United States that holds the U.S. energy operations of its parent, Iberdrola. With headquarters in Orange, Connecticut, Avangrid has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States.
For more information, please visit: PNM Resources, Inc.
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