U.S. markets closed
  • S&P 500

    3,811.15
    -18.19 (-0.48%)
     
  • Dow 30

    30,932.37
    -469.64 (-1.50%)
     
  • Nasdaq

    13,192.35
    +72.92 (+0.56%)
     
  • Russell 2000

    2,201.05
    +0.88 (+0.04%)
     
  • Crude Oil

    61.66
    -1.87 (-2.94%)
     
  • Gold

    1,733.00
    -42.40 (-2.39%)
     
  • Silver

    26.70
    -0.98 (-3.56%)
     
  • EUR/USD

    1.2088
    -0.0099 (-0.81%)
     
  • 10-Yr Bond

    1.4600
    -0.0580 (-3.82%)
     
  • GBP/USD

    1.3922
    -0.0091 (-0.65%)
     
  • USD/JPY

    106.5500
    +0.3200 (+0.30%)
     
  • BTC-USD

    45,123.22
    -2,267.82 (-4.79%)
     
  • CMC Crypto 200

    912.88
    -20.25 (-2.17%)
     
  • FTSE 100

    6,483.43
    -168.53 (-2.53%)
     
  • Nikkei 225

    28,966.01
    -1,202.26 (-3.99%)
     

Iberdrola's Avangrid agrees to buy U.S. utility PNM Resources for $4.3 billion

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

MADRID (Reuters) - Avangrid, the U.S. unit of Spanish renewable energy group Iberdrola, has agreed to buy U.S. utility PNM Resources for around $4.3 billion, Iberdrola said in a stock market filing on Wednesday.

PNM's board has unanimously approved the cash offer to its shareholders of $50.3 per share, the filing said.

As reported on Tuesday by Reuters, this deal would expand Avangrid's regulated business beyond the U.S. north east. PNM could also benefit from Avangrid's renewables experience as it works to cut emissions.

Iberdrola said the merged company would have assets worth $40 billion and generate core earnings of around $2.5 billion and net profit of $850 million.

(Reporting by Isla Binnie, Editing by Inti Landauro)