pnm buy electric utilitity operations western resources pnm buy electric utility operations western resources public service company new mexico western resources said companies boards directors approved agreement pnm acquire western resources electric utility operations tax free stock stock transaction terms agreement pnm western resources whose utility operations consist kpl division kge subsidiary become subsidiaries new holding company n named future date prior consummation combination western resources reorganize non utility assets including 85 stake protection one 45 investment oneok westar industries spun shareholders based pnm average closing price last 10 days indicated equity value transaction approximately 1 503 billion including conversion westar industries obligation addition new holding company assume approximately 2 939 billion existing western resources debt giving transaction aggregate enterprise value approximately 4 442 billion new holding company total enterprise value approximately 6 5 billion 2 6 billion equity 3 9 billion debt preferred stock transaction accounted purchase anticipated immediately accretive pnm earnings per share cash flow