ALBUQUERQUE, N.M., Jan. 2, 2024
/PRNewswire/ -- PNM Resources (NYSE: PNM) announces the termination
of its merger agreement with Avangrid. While the PNM Resources
Board of Directors approved an extension, it was not accepted by
Avangrid and Avangrid terminated the merger.
"We are greatly disappointed with Avangrid's decision to
terminate the merger agreement and its proposed benefits to our
customers, communities and shareholders," said Pat Vincent-Collawn, PNM Resources Chairman and
CEO. "As we move forward, our strategic plans remain focused on the
infrastructure investments necessary to meet the future energy
needs of our customers and communities. We look to build upon our
strong track record of delivering financial results and continue to
target long-term earnings growth of 5%."
The companies' merger agreement, announced in October 2020, had been extended through
December 31, 2023, while awaiting a
decision from the New Mexico Supreme Court on the January 2022 appeal of the New Mexico Public
Regulation Commission decision denying the transaction. All other
federal and state approvals had been received in 2021.
FINANCIAL UPDATE CONFERENCE CALL: 11
A.M. EASTERN TUESDAY, FEBRUARY
6
On February 6th, 2024,
PNM Resources will provide a financial update including preliminary
2023 results, 2024 guidance and the continued 5% long-term earnings
growth target. A press release will be issued prior to market open
and management will host a live conference call at 11 a.m. Eastern to discuss these items along
other company updates. The press release and accompanying
presentation materials for the conference call will be posted
on the company website at www.PNMResources.com.
Investors and analysts can participate in the live conference
call by pre-registering using the following link to receive a
special dial-in number and
PIN: https://dpregister.com/sreg/10185268/fb4a373624.
Telephone participants who are unable to pre-register may
participate in the live conference call by dialing (877) 276-8648
or (412) 317-5474 fifteen minutes prior to the event and
referencing "the PNM Resources financial update." Listeners are
encouraged to visit the website at least 30 minutes before the
event to register, download and install any necessary audio
software. A live webcast of the call will be available at
http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2022
consolidated operating revenues of $2.2
billion. Through its regulated utilities, PNM and TNMP, PNM
Resources provides electricity to more than 800,000 homes and
businesses in New Mexico and
Texas. PNM serves its customers
with a diverse mix of generation and purchased power resources
totaling 2.7 gigawatts of capacity, with a goal to achieve 100%
emissions-free energy by 2040. For more information, visit the
company's website at www.PNMResources.com.
Contacts:
Analysts
|
Media
|
Lisa Goodman
|
Raymond Sandoval
|
(505) 241-2160
|
(505)
241-2782
|
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for
PNM Resources, Inc. ("PNMR"), Public Service Company of
New Mexico ("PNM"), or Texas-New
Mexico Power Company ("TNMP") (collectively, the "Company") that
relate to future events or expectations, projections, estimates,
intentions, goals, targets, and strategies, including the unaudited
financial results and earnings guidance, are made pursuant to the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that all forward-looking statements are based upon
current expectations and estimates and apply only as of the date of
this report. PNMR, PNM, and TNMP assume no obligation to update
this information. Because actual results may differ materially from
those expressed or implied by these forward-looking statements,
PNMR, PNM, and TNMP caution readers not to place undue reliance on
these statements. PNMR's, PNM's, and TNMP's business, financial
condition, cash flow, and operating results are influenced by many
factors, which are often beyond their control, that can cause
actual results to differ from those expressed or implied by the
forward-looking statements. Additionally, there are risks and
uncertainties in connection with the proposed acquisition of the
Company by Avangrid, Inc. (the "Merger") which may adversely affect
the Company's business, future opportunities, employees and common
stock, including without limitation, (i) the expected timing and
likelihood of completion of the pending Merger, including the
timing, receipt and terms and conditions of any remaining required
governmental and regulatory approvals of the pending Merger that
could reduce anticipated benefits or cause the parties to abandon
the transaction, (ii) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement, (iii) the risk that the parties may not be able to
satisfy the conditions to the proposed Merger in a timely manner or
at all, and (iv) the risk that the proposed transaction and its
announcement could have an adverse effect on the ability of the
Company to retain and hire key personnel and maintain relationships
with its customers and suppliers, and on its operating results and
businesses generally. For a discussion of risk factors and other
important factors affecting forward-looking statements, please see
the Company's Form 10-K, Form 10-Q filings and the information
included in the Company's Forms 8-K with the Securities and
Exchange Commission, which factors are specifically incorporated by
reference herein.
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SOURCE PNM Resources, Inc.