The Nuclear Regulatory Commission has granted approval for Orange-based utility giant Avangrid’s planned $8.3 billion merger with PNM Resources Inc.
According to Avangrid, it now has six out of seven governmental approvals required for the deal to proceed.
PNM provides electricity to approximately 800,000 homes and businesses in both New Mexico and Texas.
The companies announced plans for the merger in October. The cash offer is for PNM’s shares at $50.30 per share. Company leaders expect the merger to close in the second half of this year.
Dennis V. Arriola, CEO of Avangrid, said this latest approval is another key one in the process. He said the company looks forward to working with PNM and its customers to “spur economic growth and accelerate the clean energy transformation.” Read More