The board of directors of Avangrid Inc. has approved the acquisition of PNM by Avangrid. This friendly transaction, recommended by PNM's board of directors, will be effected via merger. PNM's shareholders will receive US$4.3 billion in cash. It implies an Enterprise Value of approximately US$8.3 billion considering a net debt plus other adjustments of approximately US$4 billion.
The purchase price represents a premium of 10% over the PNM's share price as of 20th October and 19.3% over the average PNM share price during the 30 days prior to prior to 21st October.
The agreement between Avangrid and PNM, is subject to approval by PNM shareholders. As PNM and its subsidiaries operate in a regulated sector, the relevant authorizations at state level (New Mexico Public Regulation Commission and Public Utility Commission of Texas) and Federal level (Federal Energy Regulatory Commission, Hart Scott Rodino Clearance, Committee on Foreign Investment in the United States, Federal Communications Commission and Nuclear Regulatory Commission) will be required. This process is expected to be completed in 2021.
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