Avangrid to be acquired by Iberdrola for $35.75 per share in cash

Avangrid (AGR), a member of the group of companies controlled by Iberdrola (IBDRY), announced that it has entered into a definitive agreement under which Iberdrola will acquire the remaining 18.4% of the issued and outstanding shares of common stock of Avangrid that it does not currently own for $35.75 per share in an all-cash transaction. The $35.75 per share price represents a 11.4% premium over the closing price of Avangrid common stock on March 6, the last unaffected trading day prior to Avangrid’s announcement of receipt of Iberdrola’s unsolicited offer, and a 15.2% premium over the volume-weighted average price of Avangrid common stock over the 30 trading days leading up to the unaffected trading day. Avangrid expects to continue paying regular quarterly cash dividends not to exceed 44c per share through the closing of the transaction, including a pro-rated dividend for any partial quarter prior to the closing. The board of Avangrid, acting on the unanimous recommendation of the Unaffiliated Committee of the Board of Directors that led the consideration of strategic alternatives and the negotiation of the terms of the transaction, unanimously approved the agreement.