Iberdrola has acquired 18.4% of the capital that it did not yet own of its US subsidiary Avangrid and thus completes the acquisition of 100% of the company’s capital. According to the information communicated to the market today, Iberdrola has offered 2,348 million euros, 32.91 euros per share.
This offer represents a 4.38% increase in the price compared to the offer that the company chaired by Ignacio Galán launched last March, although it is below the current value of Avangrid in the market where it is listed at 34.5 euros per share. . The offer has had the unanimous favorable vote of the members of the Boards of Directors of both Avangrid and Iberdrola.
“The objective of this transaction is to increase exposure to the networks business in the United States at a key moment for Iberdrola, which wants to grow in markets with high credit ratings and in regulated businesses such as networks,” the company says in a statement sent. to the National Securities and Markets Commission (CNMV).
The Spanish energy company explains that this strategic move “seeks to increase exposure to the networks business in the United States at a key moment for Iberdrola, which wants to grow in markets with high credit ratings and in regulated businesses such as networks,” as well as to comply with one of the lines marked in its strategic plan that involves “allocating its new investments to grow in markets with high credit ratings and in regulated businesses such as networks.
Avangrid is a company whose volume of assets, mainly in electrical networks, amounts to 40,391 million euros and has a presence in 24 states in the United States.
Through its networking business, it owns and operates eight electric and natural gas companies, serving more than 3.3 million customers in New York and New England.
Regarding the renewable energy business, Avangrid owns and operates a portfolio of renewable energy generation facilities throughout the United States.
In 2023, the company obtained an adjusted gross operating profit (Ebitda) of 2,430 million dollars (2,230 million euros), compared to 2,246 million dollars (2,061 million euros) the previous year.
The acquisition of Avangrid was the first corporate move announced by Iberdrola after the sale of the non-renewable business in Mexico, last February, for around 5.7 billion euros and after being forced to give up the merger with PNM Resources, in the which was his great move to create an energy ‘giant’ in the country.