Avangrid's shareholders approved Iberdrola's acquisition of 18.4% of Avangrid's share capital during its Annual General Meeting. The operation was supported by over 99% of the votes cast, with less than 1% against it.
Excluding the votes of Iberdrola and QIA (a reference shareholder of the Spanish electricity company), the support reached approximately 93%. The acquisition, which began last March, will result in Avangrid's delisting from the US stock exchange. Iberdrola will pay 2,550 million dollars (around 2,300 million euros). The transaction, which has already received approvals from the federal regulators (FERC) and Maine regulators (pending publication), is expected to close by the end of the year once authorisation is received from the New York regulator. Shareholders of Iberdrola's US subsidiary will receive 35.75 euros per share, a 15.2% premium to the average share price in the 30 days prior to the announcement.
