Avangrid to Avoid Takeovers After Abandoning $4.3 Billion Deal

Avangrid Inc. has opted to focus on internal growth after walking away from its long-planned $4.3 billion takeover of New Mexico utility PNM Resources Inc.

The US unit of Spain’s Iberdrola SA has lined up more than $9 billion in capital projects since announcing the PNM deal in 2020, the Connecticut-based company said in a statement Tuesday. Those will now be its top priority and there are no current plans to pursue another acquisition, according to Kim Harriman, senior vice president for state government affairs.

Avangrid has been expanding its pipeline of clean-energy projects, including several US offshore wind ...