Iberdrola nears $2.6 billion deal to buy rest of Avangrid, sources say

Avangrid

17/05/2024 14:23

By David French
       NEW YORK, May 17 (Reuters) - Spanish utility Iberdrola
 IBE.MC  is nearing a deal to acquire the remaining 18.4% stake
in its U.S. subsidiary Avangrid  AGR.N  that it does not already
own for about $2.6 billion, people familiar with the matter said
on Friday.
    Iberdrola is in advanced talks to pay $35.75 per share for
the Avangrid shares it does not own, below the $37.53 level at
which the stock ended trading on Thursday, the sources said.
    Iberdrola's previous offer of $34.25 per share, which it
unveiled in March, represented at the time a premium of
approximately 10%  to the weighted average share price of
Avangrid in the preceding 30 days.
    The deal could be announced as early as Friday, the sources
said, seeking anonymity to discuss it and cautioning that a
last-minute snag was always possible.
    Iberdrola and Avangrid did not immediately respond to
requests for comment.

 (Reporting by David French in New York 
Editing by Greg Roumeliotis)
 ((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))