Iberdrola is trying to revive one of its large corporate operations abroad after the setback suffered a month ago. The power company launches the legal battle to overturn the veto of the New Mexico regulator (United States) on the purchase of the power company PNM, which rejected the acquisition by Avangrid – Iberdrola's US subsidiary – in an operation valued at around 8,300 million dollars (about 7,000 million euros).
Iberdrola and PNM have decided to present before the Supreme Court of New Mexico an appeal against the resolution of the regulators of the North American state of last December 8 to reject their merger. The New Mexico Public Regulation Commission unanimously vetoed the operation, alleging, among other issues, Avangrid's service quality problems in other states and the reputational problem posed by the alleged involvement of Iberdrola's leadership in the so-called 'Villarejo case', for the hiring by the company of the services of the former commissioner.
Avangrid and PNM give themselves more time to try to resuscitate the operation and have decided to extend their merger agreement until April 20, 2023, with the option of pr extend it for another three months under certain circumstances if both parties agree to it, as reported by the Spanish power company to the National Securities Market Commission (CNMV).
The company chaired by Ignacio Sánchez Galán deals with defend a strategic operation to continue growing in the United States. The acquisition of PNM by Avangrid will allow the creation of one of the largest companies in the North American electricity sector, with ten electricity companies regulated in six states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas) and the third largest renewable operator in the country, with a total presence in 24 states.
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