Banking Recap

M&A Transaction Announced for $230.0M

This record concerns the sale of a renewable joint venture interest, falling under the M&A product group, involving New Mexico Renewable Development LLC (NMRD) and Exus North America Holdings LLC. The parties referenced in the sourced advisory language are PNM Resources and AEP, who are described as sellers of the interest. The disclosed value of the transaction is $230,000,000.

Dec 26, 2023·SEC EDGAR (8-K)·pending regulatory·sale of renewable joint venture interest

Deal value

The facts are sourced from an 8-K filing with the SEC via EDGAR, published December 26, 2023. The deal's status is pending regulatory, indicating it had not yet closed as of that filing.

Only one financial advisor is disclosed: KeyBanc Capital Markets, which is identified as financial advisor to the target side in the facts block. The source sentence states that KeyBanc Capital Markets is serving as financial advisor and Foley & Lardner LLP is serving as legal counsel to PNM Resources and AEP. No lead designation is specified for KeyBanc, and no financial advisor is named for the buyer side (Exus North America Holdings).

The only legal advisor disclosed is Foley & Lardner LLP, serving as legal counsel to PNM Resources and AEP (labeled as the target side in this record), per the same source sentence naming KeyBanc as financial advisor.

Beyond describing this as the sale of a renewable joint venture interest valued at $230,000,000, the facts block does not provide further detail on the specific assets, generating capacity, or ownership percentage involved in the joint venture interest being sold.

Several facts are not disclosed in this record. No financial or legal advisor is named for the buyer side, Exus North America Holdings. No expected closing date is given, and the facts block does not elaborate on the structure of the joint venture or what percentage interest is changing hands.