Iberdrola has agreed to acquire the remaining 18.4 percent of the issued and outstanding shares of common stock in its subsidiary Avangrid, a sustainable energy company, that it does not currently own for $35.75 per share.
This brings Iberdrola’s shareholding to 100 percent in a transaction valued at $2.6 billion.
The all-cash transaction represents a 11.4 percent premium over the closing price of Avangrid common stock on March 6, the last unaffected trading day prior to Avangrid’s announcement of receipt of Iberdrola’s unsolicited offer, and a 15.2 percent premium over the volume-weighted average price of Avangrid common stock over the 30 trading days leading up to the unaffected trading day.
“We are excited about Iberdrola’s continued investment in Avangrid and commitment to the United States,” said Pedro Azagra, president and CEO of Avangrid. “As a wholly owned member of the Iberdrola Group, we will continue to serve our customers and build our
