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HomeRenewablesAvangridIberdrola cancels $8.3bn PNM deal over regulatory hurdles

Iberdrola cancels $8.3bn PNM deal over regulatory hurdles

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.

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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