Iberdrola to Fully Acquire Avangrid in $2.551 Billion Deal

By: Chloe Emanuel

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20/05/2024 Iberdrola

Iberdrola has announced an agreement to purchase the remaining 18.4% minority stake in its U.S. subsidiary, Avangrid, for $35.75 per share. This acquisition, which involves an investment of $2.551 billion (approximately €2.348 billion), will give Iberdrola complete ownership of Avangrid, as it already holds approximately 81.6% of the company.
The deal, which has received unanimous approval from the Boards of Directors of both Iberdrola and Avangrid, follows a recommendation from Avangrid's Special Committee, comprised solely of independent directors. The agreed purchase price is an improvement over Iberdrola's initial offer of $34.25 per share.

Iberdrola plans to delist Avangrid from the New York Stock Exchange post-acquisition. This strategic move aims to enhance Iberdrola's presence in the U.S. networks business, aligning with its goal to expand in markets with robust credit ratings and regulated sectors.

The transaction is pending requisite shareholder approval and regulatory clearances from bodies including the Federal Energy Regulatory Commission and state commissions in New York and Maine.

Avangrid, headquartered in Connecticut, manages $44 billion in assets and operates across 24 U.S. states. It serves over 3.3 million customers through its network of eight electric and natural gas companies in New York and New England, and runs extensive renewable energy operations. In 2023, Avangrid reported an adjusted EBITDA of $2.43 billion and employs 8,000 people.


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About the Author

4C Offshore | Chloe Emanuel
Chloe Emanuel

Press Coordinator

01502 307037 chloe.emanuel@tgs.com
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