M&A · Energy · Electric Services
Avangrid, Inc. to acquire PNM Resources Inc
Announced Oct 21, 2020 · Terminated Jan 2, 2024
Deal value$4.30BEV $7.77B
Premium10.0%To unaffected price
EV / Adj. EBITDA12.2x5.3x EV / Revenue
ConsiderationAll cash
Transaction
- Acquirer
- Avangrid, Inc. (AGR)
- Target
- PNM Resources Inc (PNM)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $7.77B
- Status
- Terminated Jan 2, 2024
Deal protections
- Break fee (target pays)
- $130M · 3.0%
- Reverse fee (buyer pays)
- $184M · 4.3%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BNP Paribas
- To the target
- Evercore
Classification
- Sector
- Energy
- Industry
- Electric Services
Timeline
- AnnouncedOct 21, 2020
- Proxy filedDec 18, 2020
- Definitive proxyJan 5, 2021
- Shareholder voteFeb 16, 2021
- TerminatedJan 2, 2024