Iberdrola acquires US utility in billion-dollar trade

Through its US subsidiary Avangrid, utility Iberdrola buys company PNM Resources.

Photo: PR / Iberdrola

Spanish utility Iberdrola is acquiring US firm PNM Resources through its subsidiary Avangrid in a transaction worth USD 8.3 billion.

According to a statement by Iberdrola, the purchase price represents a premium of 10 percent compared to PNM's closing share price on Tuesday at USD 45.74.

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