The sustainable energy firm, Avangrid, Inc. (AGR), has reported more than a 10% increase in its shares during Thursday's pre-market, pricing at $35.50 per share. This upsurge comes after Avangrid received a non-binding proposal from Iberdrola, S.A. (IBDSF.PK), a Spanish energy utility firm. The proposal outlines Iberdrola's intention to acquire Avangrid's shares at $34.25 each, to be paid in cash.
Iberdrola already possesses approximately 81.6% of Avangrid's stake. If the proposal is accepted and the acquisition goes through, it would result in Avangrid being taken private.
On Wednesday, the closing price of Avangrid's shares was $32.08, marking an increase of 0.98%. Over the last year, the share price has fluctuated between $27.46 and $41.22.
