BLOOMBERG • October 21, 2020
Iberdrola agreed to buy PNM Resources for $4.3 billion, pushing deeper into the U.S. power market as the Spanish utility strengthens its position as a global giant in an industry that’s being transformed. The deal valued PNM at $8.3 billion including debt. It’s Iberdrola’s eighth acquisition since the start of the coronavirus pandemic. It continues a strategy by Chief Executive Officer Ignacio Galan to grow beyond the Iberian peninsula and build a business with worldwide reach in power grids and renewables plants.