Iberdrola will maintain Avangrid’s businesses – once it is off the US stock exchange – as an independent subsidiary within the group. For the management of this company, the electricity company maintains Pedro Azagra as CEO, and incorporates as non-executive directors the Director of Global Development of the electricity company, David Mesonero; to the head of the legal development service, Gonzalo Cerón and to a director of the control area, Africa Benito de Valle. R. Scott Mahoney will be council secretary.
This new organizational chart was launched on December 26 after the resignation of the previous council, which included Ignacio S. Galán, John Baldacci, Daniel Alcaín Lopéz, Fátima Báñez García, Agustín Delgado, Robert Duffy, Teresa Herbert, Patricia Jacobs, John Lahey, Santiago Martínez Garrido, José Sáinz Armada, Alan Solomont and Camille Joseph Varlack, for the exclusion from the stock market.
The new non-executive directors have been part of the exclusion takeover bid launched by the Spanish company on the capital of the American company and will remain in these positions until their respective successors are duly elected and accredited, or until they resign or are removed, according to indicates the company in a relevant fact submitted to the SEC.
Last December, the electricity company completed the last regulatory procedure for the acquisition of 100% of Avangrid after having obtained the approval of the New York regulator, which thus joined the federal and Maine regulators.
On December 23, 2024, Arizona Merger Sub, Inc., a company incorporated in New York and a wholly owned subsidiary of Iberdrola, completed its merger with Avangrid pursuant to the terms of the merger agreement.
Avangrid was the surviving company of the merger and, consequently, is now a 100% subsidiary of the Parent Company, Iberdrola. Following the closing, Avangrid operates as a private company and will remain headquartered in Connecticut.
This operation will allow Iberdrola to invest in the United States more efficiently. The subsidiary will be able to participate in new energy infrastructure projects in its network and renewable businesses more economically, representing a significant investment in local communities and generating hundreds of direct and indirect jobs. These projects will create a more robust, resilient and reliable electrical grid, and will help meet the growing demand of utility companies and data centers.
The transaction will allow Iberdrola to continue growing strongly in the United States after more than 20 years of presence in the country.
About a decade ago, Iberdrola merged its North American subsidiary with the listed UIL Holdings to give rise to Avangrid, which had been listed on the American stock market since then.
Thanks to the growth experienced by the company in the last decade, Avangrid has assets of 46 billion dollars. The company distributes electricity to a population of 7 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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