Iberdrola and Avangrid reach agreement to acquire 100% of American company

Iberdrola has signed an agreement to acquire the 18.4% minority stake in its US subsidiary Avangrid, which it previously did not own. Iberdrola will acquire the additional capital for $35.75 per share, according to the company’s filing with the National Securities Market Commission (CNMV).

Iberdrola previously owned approximately 81.6% of the US company. This price represents an investment of $2.551 billion for Iberdrola. Following the closing of the transaction, a request will be made to delist Avangrid shares from the New York Stock Exchange.

Headquartered in Connecticut, Avangrid currently has $44 billion in assets and operations in 24 US states. Its main businesses are networks and renewable energy. Through its networks business, Avangrid owns and operates eight electric and natural gas companies, serving more than 3.3 million customers in New York and New England. Through its renewable energy business, Avangrid owns and operates a portfolio of renewable energy generation facilities throughout the United States. Currently, the company has 8,000 employees.