In today’s briefing:
- Avangrid (Iberdrola) Terminates Merger Agreement with PNM Resources
Avangrid (Iberdrola) Terminates Merger Agreement with PNM Resources
- Iberdrola SA (IBE SM)‘s U.S. subsidiary Avangrid (AGR US) terminated its $8.3 billion deal for PNM Resources (PNM US) as it could not New Mexico regulatory approval by 31 December 2023.
- Iberdrola lost its patience but freed up €11.5 billion from that deal, together with €5.5 billion from assets sold to the Mexican Government. That’s a lot for inorganic growth.
- PNM, at 9.7x EV/Fwd EBITDA, is trading in line with comparables, thus on a multiples basis there should be limited downside to the share price.
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