This Friday, Iberdrola completed the last step for the acquisition of 100% of its subsidiary Avangrid, having obtained the approval of the New York regulator, after previously having the approval of the federal regulator (FERC) and the Maine regulator.
Once the transaction is closed, scheduled for next December 23and under the terms of the merger agreement, Avangrid shareholders will receive $35.75 per share and Avangrid shares will cease trading on the New York Stock Exchange, as reported by the company in a statement.
Likewise, Iberdrola has reported that Avangrid shareholders who were shareholders on December 2, 2024 will receive the quarterly dividend proportional until closing, which will be paid on January 2, 2025.
With the closing, Avangrid will operate as a private company and remain headquartered in Connecticut. “This operation will allow Iberdrola to invest in the United States more efficiently”the company has noted.
Iberdrola has explained that the subsidiary “may participate in new energy infrastructure projects in its grid and renewable businesses more economically, representing a significant investment in local communities and generating hundreds of direct and indirect jobs.
“These projects will allow us to create a more robust electrical networkresilient and reliable, and will help meet the growing demand of utility and data center companies,” he highlighted.
This merger “will allow Iberdrola continue growing strongly in the Statess United after more than 20 years of presence in the country,” highlighted the company, which recalled that nearly a decade ago it merged its North American subsidiary with the listed UIL Holdings to give rise to Avangrid, which has been listed on the American stock market since then.
Avangrid today has assets of 46 billion dollars. The company distributes electricity to a population of seven million people in the states of New York, Connecticut, Maine and Massachusetts and has an installed capacity of 8,700 MW of renewable energy in 24 states. It also has 8,000 employees.
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