Iberdrola has completed the final step in acquiring 100% of its subsidiary Avangrid, securing approval from the New York regulator. This follows prior approvals from the Federal Energy Regulatory Commission (FERC) and the Maine regulator.
The transaction is set to close on 23 December. Under the merger agreement, Avangrid shareholders will receive $35.75 per share, and Avangrid's shares will no longer be traded on the New York Stock Exchange. Following the closure, Avangrid will operate as a private company and maintain its headquarters in Connecticut.
