AVANGRID Receives Clearance From the Committee on Foreign Investment in the US (CFIUS) for PNM Resources Merger

Company on track to close transaction in the second half of 2021

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading clean energy company, confirmed today that it has received clearance from the Committee on Foreign Investment in the United States (CFIUS) after the conclusion of the initial review period in relation to the proposed merger combination with PNM Resources (NYSE: PNM). The clearance received today indicates that CFIUS has not identified any unresolved national security concerns regarding the transaction.

“With the CFIUS clearance and last week’s expiration of the waiting period under the HSR Act, AVANGRID is making good progress in its journey to complete the merger with PNM Resources,” said Dennis V. Arriola, CEO of AVANGRID. “We remain optimistic that all necessary approvals can be obtained to finalize the merger within the second half of 2021.”

The company continues to pursue state and Federal regulatory approvals for the merger, including approvals from the Federal Energy Regulatory Commission, the Federal Communications Commission, and the Nuclear Regulatory Commission, as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas. The agreement between AVANGRID and PNM Resources is also subject to approval by PNM Resources’ shareholders.

AVANGRID announced the strategic merger combination with PNM Resources in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the US with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.