New Mexico customers of Albuquerque based energy producer PNM woke up to big news this morning. A major Connecticut-based utility and renewable energy development company called  Avangrid announced on Wednesday morning that it was in the process of acquiring PNM for the hefty sum of $4.3 billion. Avangrid will be buying all outstanding stock in PNM and paying out $50.30 to current shareholders in cash – a 19.3% premium as of October 20th. Avangrid operates across the U.S. and currently owns eight electric and natural gas utilities serving about 3.3 million customers in New York and three other northern states.

Avangrid’s parent company is Iberdrola, S.A., a massive energy based in Spain and currently ranked the third largest electric company in the world. With this acquisition, PNM will have extended financial heft to meet the lofty goals set out in the NM Energy Transition Act which requires net zero carbon emissions by 2045. Both companies reinforced their commitment to the ETA and planned abandonment of the San Juan generating station and Four Corners Coal plant. No layoffs are expected from the merger and according to PNM spokesman Ray Sandoval, the merge could offer additional jobs to NM as Avangrid brings additional resources to finance investments in renewables, transmission, and other infrastructure to the state. To read the PNM press release click HERE.