• Iberdrola's 'green vaccine' to reach the Ibex throne during the pandemic

Iberdrola will be one of the companies that will emerge stronger from the coronavirus crisis.

After buying the Australian Infigen last August, the Spanish power company again threw the checkbook and announced this Wednesday the acquisition of the North American group PNM Resources to reinforce its presence in the US.

The operation values ​​the company at 3,667 million euros and has been carried out in a "friendly" manner after receiving the green light from the PNM Resources board of directors.

The integration makes the Spanish group the third largest renewables operator in the North American market, with a total presence in 24 states, 4.1 million supply points and 168,000 kilometers of networks.

Iberdrola Chairman Ignacio Galán highlighted that the operation responds to the group's strategy of investing "in countries with good credit ratings and legal and regulatory stability where opportunities for future growth are offered."

Just a few days ago, on the other hand, the group raised to the unions in Spain its intention to reduce its workforce in the country by 10%, with the departure of 1,450 employees, in order to reduce its current level of overcapacity.

The PNM purchase will be articulated through the North American subsidiary Avangrid through the payment of $ 50.3 per share.

The figure supposes the payment of a premium of 9% with respect to the price at which the electricity's securities closed yesterday on Wall Street, which values ​​the group including debt in a total of 8.3 billion dollars.

The closing of the purchase is subject to its approval by PNM's shareholders' meeting and the US regulatory authorities.

The company has also announced that it is repeating the former 'popular' minister Ángel Acebes as a member of its board of directors after being acquitted in the 'Bankia case'.

Acebes left the group in 2019 after seven years in office to avoid the impact that his potential conviction for the IPO of the rescued bank would have on the power company.

Now, it returns stronger by joining the proposal of Galán himself in the executive committee delegated by the council, the strong management and control body of the energy company.

Finally, the group has presented its results at the end of the third quarter of the year with an increase in net profit of 4.7%, to

2,681 million euros,

and a new investment record of over 6,000 million euros.

Spain continues to be the group's largest market in the business of networks and traditional electricity generation (nuclear and thermal), but moves to third place in the booming field of renewables behind the United Kingdom and the United States.

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