secwatch.observer — SEC 8-K summary
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Issuer:     Avangrid, Inc. (—)
CIK:        0001634997
Form:       8-K
Filed at:   2024-05-17T23:59:59+00:00
Accession:  0001193125-24-141591
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1634997/000119312524141591/0001193125-24-141591-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1634997/000119312524141591/d807695d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-141591

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