PNM Resources merger with Avangrid terminated as of Dec 31, 2023; Avangrid did not accept extension

TXNM ENERGY INC

Avangrid terminated merger agreement on Dec 31, 2023, after end date; PNM Board had approved extension.
All federal/state approvals received except NM Supreme Court decision on appeal of denial.
CEO Pat Vincent-Collawn expressed disappointment; company focuses on infrastructure and 5% long-term earnings growth.
PNM will provide financial update on Feb 6, 2024, including preliminary 2023 results and 2024 guidance.

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 terminated Agreement and Plan of Merger with PNM Resources, Inc., Avangrid, Inc., and NM Green Holdings, Inc. (effective 2023-12-31).

Action: termination
Agreement: merger
Counterparty: PNM Resources, Inc., Avangrid, Inc., and NM Green Holdings, Inc.
Effective: 2023-12-31

Exact text from the filing

On December 31, 2023, Avangrid informed PNMR that it was terminating the Merger Agreement (the “Termination”), effective as of December 31, 2023.

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TXNM ENERGY INC filing history →

Source: SEC EDGAR

accession 0001108426-24-000002

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