Iberdrola has finalised an agreement to acquire the remaining 18.4 per cent minority stake in its US subsidiary Avangrid. The Board of Directors of Avangrid has approved the transaction, following the recommendation of a committee made up entirely of independent directors that has been delegated the authority to oversee this operation.
Iberdrola previously owned approximately 81.6 per cent stake in Avangrid. Iberdrola will buy the additional capital for $35.75 dollars per share, according to the company’s filing with the National Securities Market Commission (CNMV). Iberdrola is investing $2.551 billion in this acquisition.
Additionally, a formal request will be submitted to remove Avangrid shares from the New York Stock Exchange after the transaction is completed. The completion of the transaction depends on obtaining necessary approvals from shareholders and regulators, including the Federal Energy Regulatory Commission and state regulatory bodies in New York and Maine.
