Merger on track to close in the second half of 2021

Orange, Conn. (April 21, 2021) —AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today that it has received Federal Energy Regulatory Commission (FERC) approval for its proposed PNM Resources (NYSE: PNM) merger.

“This approval is an important step in the merger process, which will bring together two companies focused on delivering safe, reliable and clean energy for customers and communities,” said Dennis V. Arriola, CEO of AVANGRID. “The merger will further AVANGRID’s growth in both clean energy distribution and transmission, as well as expand our leadership position in renewables.”

Today’s announcement follows Federal Communications Commission (FCC) approval, the approval of the merger by PNM Resources’ shareholders, the receipt of regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

The company recently announced a unanimous stipulation agreement with all parties for the merger approval before the Public Utility Commission of Texas and continues to pursue state approval for the merger from the New Mexico Public Regulation Commission. The merger also requires approval from the Nuclear Regulatory Commission.

AVANGRID announced the strategic PNM Resources merger combination in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction.  The resulting entity would be one of the major clean energy companies in the US with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.


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