Iberdrola completes merger with Avangrid
Iberdrola has completed its merger with US subsidiary Avangrid after acquiring the 18.4% of the shares it did not already control.
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US: Iberdrola has completed its merger with US subsidiary Avangrid after acquiring the 18.4% of the shares it did not already control. Avangrid shareholders will receive $35.75 per share, and the company will be delisted from the New York Stock Exchange. This was completed after the green light was given by the Federal Energy Regulatory Commission (FERC), the Maine state regulator and also the New York state regulator, the latter last Friday. Avangrid shareholders who owned the stock on December 2, 2024 will also receive the proportional quarterly dividend until closing, which will be paid on January 2, 2025.
Once this transaction is completed, Avangrid will operate as a private company with its headquarters in Connecticut. The subsidiary will be able to participate more economically in new energy infrastructure projects in its grid and renewable businesses, representing an investment in local communities and generating hundreds of direct and indirect jobs.
The transaction will allow Iberdrola to continue to grow in the United States after more than 20 years of presence in the country. About a decade ago, Iberdrola merged its North American subsidiary with the listed UIL Holdings to give rise to Avangrid, listed on the US stock exchange ever since.
Avangrid today has assets of $46 billion dollars. The company distributes electricity to seven million people in the states of New York, Connecticut, Maine and Massachusetts and has an installed capacity of 8700 MW of renewable energy in 24 states. It has 8000 employees.
Source: Iberdrola
