Iberdrola secures FERC nod for USD-2.55bn buyout of Avangrid

Avangrid Inc (NYSE:AGR) said on Thursday that the Federal Energy Regulatory Commission (FERC) has cleared the US sustainable energy company’s agreed USD-2.55-billion (EUR 2.298) buyout by its largest shareholder, Spanish utility Iberdrola SA (BME:IBE).

The transaction still remains subject to other standard closing conditions, including a shareholder nod and approval by the Maine Public Utilities Commission and the New York Public Service Commission. It is on track to close in the fourth quarter of 2024, a press statement says.

The deal, which concerns the remaining 18.4% stake in Avangrid that the Spanish firm does not already own, was agreed upon in May. Under the buyout terms, Iberdrola will pay USD 35.75 per Avangrid share in cash. The transaction is worth USD 2.55 billion (EUR 2.34bn) in total.

(USD 1 = EUR 0.901)

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