Avangrid, PNM Resources Extend Merger Longstop, Appeal Regulator's Deal Rejection

By Cristina Roca

PNM Resources Inc. and Iberdrola SA unit Avangrid Inc. are appealing a New Mexico regulator's decision to oppose their merger, and have extended the longstop date of their merger agreement.

Iberdrola, which controls 81.5% of Avangrid, said Tuesday that the two energy-services companies extended the longstop date of their $8.3 billion merger deal to April 20, 2023.

The proposed combination was rejected by the New Mexico Public Regulation Commission last month. Iberdrola said Tuesday that the two companies have filed a notice of appeal before the state's Supreme Court.

Write to Cristina Roca at [e-mail]

(END) Dow Jones Newswires

01-04-22 0239ET