Avangrid shareholders have approved Iberdrola's acquisition of the remaining 18% stake not already owned by the Spanish energy giant, in a $2.55 billion transaction.
The deal, which received 99% approval from voting shareholders, will result in Avangrid becoming a private company and delisted from the New York Stock Exchange after regulatory approvals are finalized.
Shareholders will receive $35.75 per share, a 15.2% premium compared to the 30-day weighted average share price prior to the March announcement.
This acquisition is set to provide Avangrid with greater financial flexibility, enabling increased investments in its transmission and distribution networks across New York, Connecticut, Maine, and Massachusetts.
Iberdrola's executive chairman, Ignacio Galán, emphasized that the move aligns with the company's strategy to focus on networks in countries with strong credit ratings, like the United States.
Avangrid operates 8,700 MW of renewable energy capacity across 24 states and is actively developing offshore wind projects, including the 791 MW New England Wind 1 and the early-stage New England Wind 2.
