Iberdrola, the Spanish electrical utility, said on Oct. 21 it was expanding in the United States by buying utility PNM Resources for $8.3 billion including debt through its Avangrid subsidiary.
The $50.3 per share cash offer, unanimously approved by PNM’s board, values PNM’s equity at $4.3 billion. Combining PNM with Iberdrola’s existing Avangrid U.S. operations will create the third-largest renewable energy operator in the United States, the company said. Iberdrola also reported a 4.7% rise in net profit to 2.7 billion euros for the three months to the end of September, and a 52% increase in renewables investments compared to a year ago.
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