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Iberdrola today completed its merger with US subsidiary Avangrid after acquiring the 18.4% of the shares it did not already control. Avangrid shareholders will receive $35.75 per share, and the company will be delisted from the New York Stock Exchange. The operation was completed after the green light was given by the Federal Energy Regulatory Commission (FERC), the Maine state regulator and also the New York state regulator, the latter last Friday. Avangrid shareholders who owned the stock on December 2, 2024 will also receive the proportional quarterly dividend until closing, which will be paid on January 2, 2025.

Once this transaction is completed, Avangrid will operate as a private company, maintaining its headquarters in Connecticut.

The merger will allow Iberdrola to invest in the United States more efficiently. The subsidiary will be able to participate more economically in new energy infrastructure projects in its grid and renewable businesses, 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 power grid, and will help meet the growing demand from utilities and data centres.

Avangrid, a leading company in networks and renewables

The transaction will allow Iberdrola to continue to grow 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 has been listed on the US stock exchange ever since. 

Thanks to the growth experienced by the company over the last decade, Avangrid today has assets of 46 billion dollars. The company distributes electricity to a population of seven 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.