By Colin Kellaher

Shares of PNM Resources slipped in premarket trading Tuesday after the power company's $4.3 billion deal to be acquired by Avangrid unraveled.

PNM, based in Albuquerque, N.M., said Avangrid walked away from the 2020 agreement to buy PNM for $50.30 a share after the companies were unable to win New Mexico regulatory approval.

New Mexico's supreme court is reviewing a decision by state regulators denying the transaction, but Avangrid, which is 81.5%-owned by Spain's Iberdrola, said there was still no clear timing on the resolution of the court's review or any subsequent regulatory actions as 2023 came to a close.

PNM said it will continue to target long-term earnings growth of 5%, adding that it plans to give a financial update, including preliminary 2023 results and 2024 guidance, on Feb. 6.

PNM shares, which ended 2023 at $41.60 amid investor doubts that the deal would go through, were recently down 3.9% to $39.99 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 02, 2024 06:21 ET (11:21 GMT)

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