Iberdrola has decided to launch a takeover bid to acquire the 18.4% stake in Avangrid, its subsidiary in the United States, which it does not yet own, for some $2,486 million, as announced to the CNMV (Spanish Securities and Exchange Commission).
IBE is offering a cash price of $34.25 per share, representing an implied premium of approximately 10% over the volume-weighted average share price (VWAP) of the shares during the 30 days prior to the date of the non-binding offer.
The execution of a definitive agreement relating to the Proposed Transaction is subject to the completion of confirmatory due diligence, the negotiation and signing of definitive transaction documentation, and the approval of the Board of IBE and the Unaffiliated Committee and the Board of Avangrid.
The transaction is part of IBE’s strategy to expand its presence and investment in markets with a robust credit rating and high potential for investment in the network business.
