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MarketScreener Homepage  >  Equities  >  Nyse  >  Avangrid, Inc.    AGR

AVANGRID, INC.

(AGR)
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Iberdrola acquires PNM Resources in the US, the utility of New Mexico and Texas

10/21/2020 | 11:54am EST

The board of directors of Avangrid Inc. has approved the acquisition of PNM by Avangrid.

This friendly transaction, recommended by PNM's board of directors, will be effected via merger. PNM's shareholders will receive $4.3 Bn in cash. It implies an Enterprise Value of approximately $ 8.3 Bn considering a net debt plus other adjustments of approximately $4 Bn.

The purchase price represents a premium of 10% over the PNM's share price as of Tuesday 20th October and 19.3% over the average PNM share price during the 30 days prior to prior to Wednesday 21st October.

The combination of Avangrid and PNM, with over 4.1 million points of supply, regulated asset base (RAB) of $14.4 Bn, more than 168,000 Km of networks and approximately 10.9 GW of installed capacity (as of 2019), will accelerate Iberdrola Group's growth in the US.

The agreement between Avangrid and PNM, is subject to approval by PNM shareholders. As PNM and its subsidiaries operate in a regulated sector, the relevant authorizations at state level (New Mexico Public Regulation Commission and Public Utility Commission of Texas) and Federal level (Federal Energy Regulatory Commission, Hart Scott Rodino Clearance, Committee on Foreign Investment in the United States, Federal Communications Commission and Nuclear Regulatory Commission) will be required. This process is expected to be completed in 2021.

Ignacio Galan, Chairman & CEO of Iberdrola and Chairman of Avangrid said: 'The operation aligns to the strategy we have followed for more than 20 years. Friendly transactions, focused on regulated businesses and renewable energy, in countries with good credit ratings and legal and regulatory stability, offering opportunities for future growth'.

Iberdrola currently owns 1,900 MW of renewable energy and a pipeline of 1,400 MW renewables assets in New Mexico and Texas. In addition, Iberdrola operates a retail business in Texas. For more than 15 years, Iberdrola has also funded the King Felipe VI Chair in the Department of Electrical and Computer Engineering at the University of New Mexico.

AVANGRID

Avangrid, listed on the New York Stock Exchange, is a diversified energy and utility company with operations in 24 states in the United States that consolidates the U.S. energy operations of its parent, Iberdrola.

In 2019, Avangrid had approximately 2.3 million electricity and 1.0 million gas points of supply. The company distributed a total of 36 gigawatt hours (GWh) of electricity and had an installed capacity of 8.1 gigawatts (GW).

Avangrid has a Market Capitalization as of the 20th of October of approximately $16.8 Bn, an Enterprise Value of $25.7 Bn and EBITDA of $1.9 Bn as of 2019.

PNM

PNM Resources, listed on the New York Stock Exchange, is an energy holding company based in Albuquerque, N.M. In 2019, through its regulated utilities, PNM and TNMP, PNM Resources had 2.8 gigawatts (GW) of generation capacity, provided electricity to approximately 790,000 homes and businesses and distributed a total of 14.9 terawatt hours (TWh) in New Mexico and Texas.

PNM has a Market Capitalization as of the 20th of October of approximately $3.9 Bn, an Enterprise Value of $7.5 Bn, and EBITDA of $586 MM as of 2019.

Contact:

Susana Sanjuan

Tel: +34 91 784 32 32

Email: comunicacioncorporativa@iberdrola.es

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AVANGRID, INC. 1.59% 47.28 Delayed Quote.-7.58%
IBERDROLA, S.A. -1.05% 11.325 Delayed Quote.23.37%
PNM RESOURCES, INC. -0.16% 49.03 Delayed Quote.-3.31%
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Financials (USD)
Sales 2020 6 334 M - -
Net income 2020 572 M - -
Net Debt 2020 8 509 M - -
P/E ratio 2020 32,6x
Yield 2020 3,74%
Capitalization 14 610 M 14 610 M -
EV / Sales 2020 3,65x
EV / Sales 2021 3,73x
Nbr of Employees 6 600
Free-Float 18,1%
Chart AVANGRID, INC.
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Technical analysis trends AVANGRID, INC.
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TrendsBearishNeutralNeutral
Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 9
Average target price 48,00 $
Last Close Price 47,28 $
Spread / Highest target 29,0%
Spread / Average Target 1,52%
Spread / Lowest Target -6,94%
EPS Revisions
Managers
NameTitle
Dennis Victor Arriola Chief Executive Officer & Director
Robert D. Kump President & Deputy Chief Executive Officer
José Ignacio Sánchez Galán Chairman
Douglas K. Stuver Chief Financial Officer & Senior Vice President
John L. Lahey Independent Non-Executive Director
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