Iberdrola has completed the merger with its U.S. subsidiary Avangrid, acquiring the remaining 18.4% of shares it didn’t own. Shareholders will receive $35.75 per share, and Avangrid will be delisted from the New York Stock Exchange.
The transaction, approved by FERC, Maine, and New York regulators, also includes a proportional quarterly dividend for shareholders as of December 2, 2024, payable on January 2, 2025.
Following the merger, Avangrid will operate as a private company with its headquarters in Connecticut. This move enables Iberdrola to streamline its investments in U.S. energy projects, focusing on cost-efficient initiatives in renewable energy and grid infrastructure. These projects will boost local economies, create jobs, and strengthen the power grid to meet growing demand.
The deal reinforces Iberdrola’s 20-year presence in the U.S. Nearly a decade ago, the company formed Avangrid by merging its North American operations with UIL Holdings, marking a significant step in its U.S. expansion strategy.
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