Orange-based utility giant Avangrid is a step closer to merging with PNM Resources, an energy holding company headquartered in Albuquerque, New Mexico.
PNM provides electricity to approximately 800,000 homes and businesses in both New Mexico and Texas. The Texas-New Mexico Power Co., or TNMP, is its utility subsidiary.
Avangrid originally announced the planned merger last October. The cash offer is for PNM’s shares at $50.30 per share, for a $8.3 billion deal.
Avangrid and TNMP this past week reached a unanimous settlement with the staff of the Public Utility Commission of Texas for the merger plan. The commission is expected to consider the settlement in the coming weeks.
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