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Spain’s Iberdrola will add PNM Resources to its Avangrid business in a deal worth $8.3 billion to create the third-largest US renewable energy operator.
By adding PNM, Avangrid will be able to be present in 24 states, Iberdrola said, and bring together firms with a combined market value of over $20 billion.
Iberdrola expects to close the deal in 2021.
PNM’s board approved an offer to its shareholders of $50.3 per share for a $4.3 billion total.
PHM, which is active in New Mexico and Texas, would give Avangrid a route to expand beyond the US northeast.
Meanwhile, PNM could benefit from Avangrid’s renewables experience in its efforts to cut emissions.
The merged company would be worth $40 billion, generating core earnings of around $2.5 billion with an $850 million net profit.
The PNM deal is Iberdrola’s eighth this year, which is part of an $11.85 billion investment drive.
On Wednesday, Iberdrola reported nine-month net profit growth of 4.7 percent.
Investor interest in environmental protection and green energy targets have buoyed renewables-focused utilities, such as Iberdrola.
The pandemic also prompted US utilities to consolidate to cut costs and spur investment.
