Albuquerque Journal (Albuquerque, NM)

PNM To Buy Kansas Utility, Create New Company, CEO Says.

Byline: Winthrop Quigley Journal Staff Writer

PNM will buy a Kansas-based electric utility nearly twice its size and create a new holding company headquartered in Albuquerque valued at $6.5 billion, PNM chairman and CEO Jeff Sterba told the Albuquerque Journal on Wednesday.

The directors of PNM and Western Resources of Topeka, Kan., approved the deal Wednesday after stock markets closed.

"This is not going to affect New Mexico electrical rates at all," Sterba said.

PNM anticipates the merged company will begin operation in 12 to 15 months. The deal is subject to federal, New Mexico and Kansas approvals.

To PNM, Western Resources represents relatively inexpensive supply of electricity that could be sold to new and expanded wholesale markets in Kansas or nearby states, Sterba said. …

Log in to your account to read this article – and millions more.