Avangrid’s $4.3 Billion PNM Deal Denied by Regulators (2)

New Mexico regulators rejected Avangrid Inc.’s proposal to buy PNM Resources Inc. for $4.3 billion, dealing a potential death blow to the largest pending U.S. utility takeover.

The New Mexico Public Regulation Commission voted 5-0 against the deal on Wednesday, saying it wasn’t in the best interest of the state’s consumers.

A majority of commissioners had voiced opposition to the deal during a hearing in early December, citing concerns about Avangrid’s poor track record of utility service in the U.S. Northeast and ethical issues including a criminal probe of executives at Iberdrola SA, the Spanish owner of the ...