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    Iberdrola is set to acquire the remaining shares of Avangrid

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    Today, Iberdrola has inked a deal to purchase the minority stake in its American subsidiary Avangrid, previously not under its ownership. The Avangrid Board of Directors has greenlit the acquisition of the 18.4% stake, following a recommendation from a committee entirely comprised of independent directors.

     

    According to the company’s filing with the National Securities Market Commission (CNMV), Iberdrola will acquire the additional shares at $35.75 each, an improvement from its initial proposal of $34.25 per share. Prior to this agreement, Iberdrola held approximately 81.6% of Avangrid.

     

    This transaction amounts to a $2.551 billion (€2.348 billion) investment for Iberdrola. Upon completion, there will be a request to delist Avangrid shares from the New York Stock Exchange. Both Avangrid and Iberdrola Boards of Directors unanimously voted in favor of the agreement.

     

    The aim of this deal is to bolster Iberdrola’s presence in the US networks sector, particularly opportune given its strategy to expand in markets with robust credit ratings and regulated businesses like networks.

     

    This acquisition is contingent upon shareholder approval and regulatory clearance from bodies like the Federal Energy Regulatory Commission, as well as state regulatory commissions in New York and Maine. Headquartered in Connecticut, Avangrid boasts $44 billion in assets and operates in 24 US states.

     

    Its primary businesses include networks and renewable energy. In the networks segment, Avangrid owns and manages eight electric and natural gas utilities, serving over 3.3 million customers in New York and New England. In renewable energy, Avangrid possesses a diverse portfolio of generation facilities across the US. Currently, the company employs 8,000 staff.

     

    In 2023, Avangrid recorded an adjusted gross operating profit (EBITDA) of $2.43 billion.

     

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