TXNM Energy

Key factors supporting the likelihood of the deal's eventual approval include changes in the public commission structure and the resolution of legal concerns involving Avangrid's parent company, Iberdrola.

[4] In October 2020, PNM Resources entered into an agreement to be acquired by Avangrid, the US subsidiary of the Spanish multinational electric utility Iberdrola.

The deal, valued at $8.3 billion, has received all the necessary approvals except from the New Mexico Public Regulation Commission (NMPRC).

The merger faced initial rejection due to concerns about Avangrid's track record and legal issues involving Iberdrola, leading to an appeal to the Supreme Court.

[6] In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by the private equity firm Lindsay Goldberg.