bullish

PNM Resources

Iberdrola (Avangrid)/PNM Resources: Regulator's Reprimand and Capital Increase

414 Views14 May 2021 14:01
PRC's concerns delay the approvals needed. The deal seems on track for completion during H2 2021. Gross spread 2.3%, c. 4.6% annualized (assuming completion in six months). Reiterate Long PNM.
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