PNM Resources (PNM) announces the termination of its merger agreement with Avangrid (AGR). While the PNM Resources board of directors approved an extension, it was not accepted by Avangrid and Avangrid terminated the merger. The companies’ merger agreement, announced in October 2020, had been extended through December 31, 2023, while awaiting a decision from the New Mexico Supreme Court on the January 2022 appeal of the New Mexico Public Regulation Commission decision denying the transaction. All other federal and state approvals had been received in 2021.
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