Benzinga | Mar 11, 2021 09:43AM EST

Avangrid's Proposed Merger With PNM Resources Receives FCC Approval

AVANGRID, Inc. (NYSE:AGR), a leading sustainable energy company, announced today that it has received the approval of the transfer of operating licenses from the Federal Communications Commission (FCC) related to the proposed PNM Resources (NYSE:PNM) merger.

"We are pleased with the continued progress of the required regulatory approvals for this transaction," said Dennis V. Arriola, CEO of AVANGRID. "Combining AVANGRID and PNM Resources will bring together two companies committed to a clean energy future with a transaction that will deliver tangible benefits for customers in New Mexico and Texas."

Today's announcement follows the recent approval of the merger by PNM Resources' shareholders, the receipt of regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

The company continues to pursue state and Federal regulatory approvals for the merger, including from the Nuclear Regulatory Commission and the Federal Energy Regulatory Commission (FERC), as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.

AVANGRID announced the strategic PNM Resources merger combination in October 2020 in an all cash offer for PNM Resources' shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the U.S. with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.

About AVANGRID: AVANGRID, Inc. (NYSE:AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies -- a list of America's best corporate citizens -- and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.'s Sustainable Development Goals and was named among the World's Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.