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AVANGRID Announces Expiration of Hart-Scott-Rodino Antitrust Waiting Period For PNM Resources Merger

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Company on track to close transaction in the second half of 2021

AVANGRID, Inc. (NYSE: AGR), a leading clean energy company, confirmed today that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act") has expired in relation to the proposed merger combination with PNM Resources (NYSE: PNM).

The company continues to pursue state and Federal regulatory approvals for the merger, including approvals from the Federal Energy Regulatory Commission, the Federal Communications Commission, the Federal Nuclear Regulatory Commission, the Committee on Foreign Investment in the US, as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas. The agreement between AVANGRID and PNM Resources is also subject to approval by PNM Resources’ shareholders.

AVANGRID announced the strategic merger combination with PNM Resources 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.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005565/en/

Contacts

Media:
Athena Hernandez, 203-231-2146 or athena.hernandez@avangrid.com

Investors:
Patricia Cosgel, 203-499-2624 or patricia.cosgel@avangrid.com