Avangrid shareholders approve Iberdrola's takeover

Avangrid shareholders approved Iberdrola's acquisition of 18.4% of Avangrid's share capital through a merger operation. 

The acquisition will lead to Avangrid being delisted from the US stock exchange, with the company paying US$2.55 billion. The transaction has already secured approval from the Federal Energy Regulatory Commission (FERC) and Maine's regulator, with the latter's decision pending publication. It is expected to be finalized by the end of 2024. This move will enable Iberdrola to continue its strong growth trajectory in the US, where it has operated for over 20 years. Shareholders of Iberdrola’s US subsidiary will receive €35.75 per share, representing a 15.2% premium over the 30-day average share price before the announcement.