PNM Resources and Avangrid extend merger deadline to Dec 31, 2023; NMPRC approval still pending

TXNM ENERGY INC

Merger end date extended from July 20 to December 31, 2023; can be extended further by 3 months if all conditions except regulatory approvals are met.
New Mexico Supreme Court oral arguments on appeal of NMPRC rejection set for September 12, 2023.
Stipulated agreement providing >$300M in customer/community benefits was rejected by NMPRC in Dec 2021 and is under appeal.
Five federal agencies and Texas PUC have approved the merger; only NMPRC approval remains.
CEO Pat Vincent-Collawn states merger remains the right path for customers, communities, employees, shareholders, and environment.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TXNM ENERGY INC amended Amendment No. 3 to the Merger Agreement with Avangrid, Inc., NM Green Holdings, Inc. (effective 2023-06-19).

Action: amendment
Agreement: merger
Counterparty: Avangrid, Inc., NM Green Holdings, Inc.
Effective: 2023-06-19

Exact text from the filing

On June 19, 2023, PNMR, Avangrid and Merger Sub entered into Amendment No. 3 to the Merger Agreement (the “Third Amendment”) pursuant to which PNMR and Avangrid each agreed to extend the “End Date” until December 31, 2023 (subject to a three-month extension by PNMR and Avangrid by mutual consent if all of the conditions to the closing, other than the conditions relating to regulatory approvals, have been satisfied as of December 31, 2023).

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273 material agreements filed in the last 30 days. Browse all material agreements →

TXNM ENERGY INC filing history →

Source: SEC EDGAR

accession 0001108426-23-000037

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