Iberdrola Ends $4.3 Billion Deal to Buy US Power Firm PNM
- Avangrid terminates deal as regulatory approvals not received
- Collapse of deal is blow to Spanish firm’s US expansion plans
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Iberdrola SA’s US unit in the northeast has terminated a $4.3 billion agreement to buy a southwest utility company, ending three years of legal and regulatory wrangling over the deal.
The 2020 transaction to buy New Mexico-based PNM Resources Inc. was terminated because all final regulatory approvals were not received by Dec. 31, Iberdrola’s Avangrid Inc. said in a statement Tuesday. There was still no clear timing on when a resolution might occur, it added.