Spanish renewables firm Iberdrola has halted its $8.3 billion (£6.5bn) acquisition of US power utility PNM Resources.
The decision, announced by Iberdrola’s subsidiary Avangrid, follows opposition from a New Mexico regulator in 2021.
Despite Avangrid’s appeal against the New Mexico regulator’s decision, the company stated on Tuesday that uncertainty persists regarding the timing of the court review and subsequent regulatory actions related to the denied merger.
It added that the terms of the deal permitted either party to terminate the transaction if the merger had not been completed by December 31st, 2023.
