Iberdrola has announced an offer to acquire 18.4% of the capital of its US subsidiary, Avangrid. According to the company's statement to the National Securities Market Commission (CNMV), the offer is priced at $34.25 per share, which represents a premium of around 10% compared to the weighted average share price of the last 30 days.
Currently, Iberdrola already holds 81.6% of the US company. This investment amounts to $2.48 billion for Iberdrola. Avangrid, headquartered in Connecticut, has assets valued at $44 billion and operates in 24 U.S. states. Its primary operations are in networks and renewables. Through its networks business, Avangrid manages eight electric and natural gas companies, serving more than 3.3 million customers in New York and New England. Its renewable energy business includes a portfolio of renewable energy generation facilities across the United States. Avangrid employs 8,000 people. In 2023, the company reported an adjusted gross operating profit (EBITDA) of $2.43 billion, up from $2.246 billion the previous year.
