Iberdrola scraps $8.3bn PNM Resources buyout


January 2, 2024

Iberdrola subsidiary Avangrid has scrapped its planned $8.3bn takeover of US utility PNM Resources due to ongoing uncertainty about the deal after it was rejected by a key regulator in 2021.

New Mexico’s Public Regulation Commission rejected the deal in 2021 and Avangrid has said it is now ending the proposed takeover because there is no clarity over when its appeal against the refusal would be heard.  Iberdrola said its merger agreement allowed either party to terminate the deal if it was not concluded by 31st December 2023.

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