Iberdrola-controlled utility Avangrid has scrapped a planned mega-deal designed to dramatically boost the global green power giant’s US footprint after failing to gain regulatory approval.
Avangrid in 2020 offered shareholders of New Mexico-based utility PNM Resources $4.3bn in cash, with assumption of debt adding a further $4bn to the value of an agreed deal.
However, Avangrid jumped every regulatory hurdle except the approval of the New Mexico Public Regulation Commission (PRC) and said today (Tuesday) that with no timeline on its ongoing legal battle to secure this, it had terminated the agreement as a key financial deadline passed on 31 December.
