Avangrid to be fully owned by Iberdrola

Iberdrola has agreed to acquire the remaining 18.4% minority stake in its US subsidiary, Avangrid, completing the acquisition. The acquisition price is $35.75 per share, totaling a $2.551 billion investment. Following the transaction, Avangrid shares will be delisted from the New York Stock Exchange. This decision follows a recommendation from a Special Committee of independent directors. Both Iberdrola’s and Avangrid’s Boards of Directors unanimously approved the agreement. The transaction aims to strengthen Iberdrola’s presence in the US networks business during a strategic growth phase. It is subject to shareholder and regulatory approvals, including from the Federal Energy Regulatory Commission and state commissions in New York and Maine. Headquartered in Connecticut, Avangrid has $44 billion in assets and operates in 24 US states.