Avangrid, Inc. (AGR) has formalized an agreement whereby Iberdrola will purchase the remaining 18.4% stake in Avangrid that it does not already hold, at a price of $35.75 per share in an all-cash deal.
The acquisition price of $35.75 per share reflects an 11.4% premium over Avangrid's closing stock price on March 6, 2024, which was the last unaffected trading day before Avangrid disclosed the receipt of Iberdrola's unsolicited offer. Additionally, this price represents a 15.2% premium over the volume-weighted average price of Avangrid's common stock across the 30 trading days preceding the unaffected date.
Avangrid intends to maintain its policy of distributing regular quarterly cash dividends, capped at $0.440 per share, up until the transaction's completion.
