mergers and acquisitions
Iberdrola is moving to acquire the 18.4% stake in Avangrid that it does not already own in a $2.55 billion deal.
FERC denied a merger proposal in which Bridgepoint tried to buy a 19.9% stake in Energy Capital Partners, saying it did so without prejudice because the first firm failed to disclose its relationship with a third – Blue Owl.
Avangrid has pulled the plug on its proposed $8.3 billion acquisition of PNM Resources, as final approval for the deal remains tied up at the New Mexico Supreme Court.
FERC opened an inquiry into whether it should continue to grant blanket authorizations for holding companies to purchase public electric utility securities.
Vistra says its acquisition of Energy Harbor and its nuclear plants will accelerate the company’s transformation and lead to a “re-segmentation” of its businesses when the deal closes.
FERC issued an order extending the time it has to review the proposed purchase of Energy Harbor by Vistra to next spring after several parties raised market concerns over the deal between two existing PJM generation owners.
Vistra Energy's deal to buy Energy Harbor ran into opposition at FERC, where parties argued it would harm Ohio's retail market and further concentrate PJM's wholesale market.
While PNM awaits a court decision that could revive a merger with Avangrid, PNM officials say they’ll keep running the company like it’s a standalone business.
N.M. regulators shot down Avangrid’s proposed acquisition of PNM Resources after officials pointed to Avangrid’s “demonstrated record of poor performance.”
Avangrid is facing increasing scrutiny from regulators following allegations that the company purchased millions in unnecessary equipment to boost profits.
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