MADRID, 2 Ene. (EUROPA PRESS) -

Avangrid, the US subsidiary of Iberdrola, informed the National Securities Market Commission (CNMV) this Tuesday of the termination of its merger contract with PNM Resources due to non-compliance with the conditions set for the closing of the operation.

At the beginning of January 2022, Iberdrola declared its intention to acquire PNM Resources through its subsidiary Avangrid, extending the expiration of the merger contract signed by both companies to accelerate its growth in the United States market.

At the time, the New Mexico State regulator overturned the purchase by Iberdrola, through its subsidiary Avangrid, of PNM Resources. The no to the operation was unanimous on the part of the five members of the commission, who considered that the risks of the agreement exceed the benefits promised to state taxpayers.

In this way, the group chaired by Ignacio Sánchez Galán suffered a setback in its large operation in a market like the United States, which assumed an implicit company value of approximately 8,300 million dollars (about 7,007 million euros), considering a net debt plus adjustments of approximately 4,000 million dollars (about 3,377 million euros).

The acquisition was going to mean the creation of one of the largest companies in the North American sector, with ten regulated electricity companies in six States (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas) and the third renewable operator in the country, with a total presence in 24 states.