Iberdrola launched offer to acquire 18.4% of its US subsidiary Avangrid

Spanish utility Iberdrola has submitted a non-binding offer to buy the remaining 18.4% of its US subsidiary Avangrid for US$2.5 billion, aimed at taking over the entire company.

Iberdrola currently owns approximately 81.6% of the capital and aims to strengthen its presence in the network business in the United States. The company is proposing an offer of US$34.25 per share, totaling an investment of US$2.48 billion from Iberdrola. Avangrid, headquartered in Connecticut, presently holds assets valued at US$44 billion and operates across 24 U.S. states. The company operates in two key sectors: networks and renewables. In the networks sector, Avangrid manages eight electric and natural gas companies, providing services to over 3.3 million customers in New York and New England. In the renewables sector, Avangrid possesses and operates a range of renewable energy generation facilities across the United States.