IBDRY Iberdrola SA (PK)

By Adria Calatayud

Iberdrola's 81.5%-owned U.S. business Avangrid has ended a merger agreement with PNM Resources after rejecting the latest bid to extend the $4.3 billion deal reached in October 2020.

The Spanish energy company said Tuesday that Avangrid terminated the deal given that conditions for closing it weren't met in the timeframe the parties agreed to.

PNM Resources separately said its board of directors approved an extension which wasn't accepted by Avangrid.

The deal--originally expected to be closed by the end of 2021--had been extended through Dec. 31, 2023, while awaiting a decision from the New Mexico Supreme Court on the January 2022 appeal of the New Mexico Public Regulation Commission decision denying the transaction, PNM said

PNM Chairman and Chief Executive Pat Vincent-Collawn said the company was greatly disappointed with Avangrid's decision to terminate the merger agreement.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

January 02, 2024 02:24 ET (07:24 GMT)

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