On Wednesday, the U.S. unit of Iberdrola, a Spanish renewable energy group said, it has agreed to acquire U.S. utility PNM Resources for nearly $4.3 billion,

In a regulatory filing Avangrid said, PNM’s board has unanimously approved the cash offer to its shareholders of $50.3 per share.

The deal is expected to expand Avangrid’s regulated business beyond the U.S. north east.

PNM could also benefit from Avangrid’s renewables experience as it works to cut emissions. In a statement Iberdrola said, the merged company would have assets worth $40 billion and generate core earnings of around $2.5 billion and net profit of $850 million.

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Tags: acquisitions, assets, Avangrid, carbon emissions, core earnings, cut, Iberdrola, M&A, mergers, PNM Resources, reduce, regulated business, regulatory filing, renewable energy, renewables experience, Spain, Spanish, synergy, trim, U.S., US, utility