Iberdrola to acquire remaining 18.4% of Avangrid for $35.75/share in all-cash deal

Avangrid, Inc.

Iberdrola to pay $35.75 per share for Avangrid stock it doesn't already own, representing an 11.4% premium over March 6 close.
Transaction values the remaining 18.4% stake; expected to close in Q4 2024 subject to regulatory approvals (FERC, Maine PUC, NY PSC).
Avangrid's Special Committee unanimously approved; Moelis & Co acted as financial advisor to the Special Committee.
Avangrid will continue paying regular quarterly dividends up to $0.44 per share until closing.
Shareholder approval requires three separate majorities: all shares, shares held by unaffiliated shareholders, and shares excluding Iberdrola and certain insiders.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Avangrid, Inc. entered into Agreement and Plan of Merger with Iberdrola, S.A. and Arizona Merger Sub, Inc. valued at $35.75 per share (effective 2024-05-17).

Action: entry
Agreement: merger
Counterparty: Iberdrola, S.A. and Arizona Merger Sub, Inc.
Value: $35.75 per share
Effective: 2024-05-17

Exact text from the filing

On May 17, 2024, Avangrid, Inc., a New York corporation (“Avangrid”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Iberdrola, S.A., a corporation organized under the laws of Spain (“Parent”), and Arizona Merger Sub, Inc., a New York corporation and wholly-owned subsidiary of Parent (“Merger Sub”).

View on SEC.gov

290 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001193125-24-141591

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.