Spanish renewable energy giant Iberdrola said Wednesday it is buying US utility PNM Resources for $4.3 billion (3.62 billion euros) in a friendly takeover. PNM Resources is active in the US states of Texas and New Mexico and the deal values the company at $8.3 billion, Iberdrola said in a statement. Separately, the company said its next profit fell 8.8 percent to 836 million euros in the three months to September, reflecting the impact of coronavirus lockdowns in lower energy demand and an increase in unpaid bills. The outcome, however, was above analyst forecasts compiled by Factset for a net profit of 804 million euros. Sales dropped 4.8 percent to 7.78 billion euros. The shares traded slightly lower on the Madrid stock market after the announcement. For the nine months to September, net profit rose 4.7 percent from the same period in 2019 to 2.68 billion euros, reflecting gains from the sale of its stake in Siemens-Gamesa, a Spanish-German wind turbine manufacturer. emi/pcm/bmm/lc