PNM Resources : Shares Rise After Deal to Be Acquired by Avangrid

By Colin Kellaher

PNM Resources Inc. shares rose nearly 9% in premarket trading Wednesday after the company agreed to be acquired by fellow utility operator Avangrid Inc. for about $4.32 billion.

Avangrid will pay $50.30 a share in cash for PNM, a roughly 10% premium to Tuesday's closing price of $45.74 for the Albuquerque, N.M., company.

PNM shares were recently up 8.9% to $49.80 in premarket trading, while shares of Avangrid, majority-owned by Spanish energy company Iberdrola S.A., slipped 2%.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

10-21-20 0835ET