Iberdrola Offers to Buy Unowned Shares in Avangrid for $2.49 Billion
By David Sachs
Iberdrola is in talks with Avangrid to buy out the company.
The Spanish electric utility said Thursday that it has made a non-binding offer to buy all shares in the U.S. energy company that it doesn't already own for about $2.49 billion. That price breaks down to $34.25 per common share, Iberdrola said. Iberdrola currently owns 81.5% of the energy firm, according to Avangrid's website.
Iberdrola said the transaction aligns with its strategy to expand its presence in stable markets where it can invest in electricity grids.
The deal is subject to negotiation and due diligence, as well as regulatory approvals and support from Avangrid shareholders, Iberdrola said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
March 07, 2024 03:28 ET (08:28 GMT)
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