Troutman Pepper Hamilton Sanders LLP advised PNM Resources on the deal. Fried Frank acted as counsel to Evercore as financial advisor to PNM Resource in the transaction.
PNM Resources (NYSE: PNM) announced its merger with AVANGRID (NYSE: AGR). The value of the transaction, which is subject to regulatory and shareholder approvals, is $8.3 billion, including the assumption of debt. The transaction is expected to close in the 4th quarter of 2021.
The strategic combination with PNM Resources also provides a platform for AVANGRID to expand its renewables business in the Southwest beyond its existing 1.9-gigawatt capacity wind projects in New Mexico and Texas and 200 megawatts of wind and solar capacity in Arizona.
PNM Resources Inc. is a holding company. The Company, through its subsidiaries, generates, transmits, and distributes electricity. PNM Resources serves customers in the State of New Mexico.
Avangrid, Inc. is a U.S. based diversified energy and utility company that provides clean energy. The Company owns and operates electricity generation and natural gas storage utilities.
The multidisciplinary Troutman Pepper team, led by Mason Bayler (Picture), included David Carter, Coburn Beck, Camille Pompei, and Shane Nelson (M&A); David Meyers, Heather Ducat, and Sarah Hanna (SEC); Jeffrey Banish (Benefits); Robert Friedman (Tax); Jeffrey Gill, Ted Fauls, and Sarah Pylant (Finance); Amie Colby and Bob Edwards (Regulatory); and Brian Harms, Brian Fineman, and James McLeod (Energy).
The Fried Frank team was led by corporate partner Philip Richter and included corporate special counsel Roy Tannenbaum and corporate associate Ryan P. Fitzpatrick.
Involved fees earner: Ryan Fitzpatrick – Fried Frank Harris Shriver & Jacobson; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Mason Bayler – Troutman Sanders; Coburn Beck – Troutman Sanders; David Carter – Troutman Sanders; Amie Colby – Troutman Sanders; Heather Ducat – Troutman Sanders; Bob Edwards – Troutman Sanders; Brian Fineman – Troutman Sanders; Robert Friedman – Troutman Sanders; Jeffrey Gill – Troutman Sanders; Sarah Hanna – Troutman Sanders; Brian Harms – Troutman Sanders; James McLeod – Troutman Sanders; David Meyers – Troutman Sanders; Shane Nelson – Troutman Sanders; Camille Pompei – Troutman Sanders; Sarah Rust Pylant – Troutman Sanders; Ted Fauls – Troutman Sanders;