Iberdrola, the Spanish renewable energy group, is going to buy the US utility PNM Resources through its American subsidiary Avangrid. The conglomerate is ready to spend a whopping $4.3 billion. The company stated on Wednesday during a stock market filing.
The board of PNM has agreed unanimously to pay its shareholders at $ 50.3 per share cash stated the filing.
The agreement would lead to expanding Avangrid’s business ahead of the current northeast of the US. As PNM is looking to cut carbon emission, PNM is going to draw massive benefits out of the deal.
As per Iberdrola, after the merger, the company would have property worth $40 billion. It would invite a core profit of $850 million with approximately $2.5 billion earnings.