Iberdrola To Buy Remaining Stake In Avangrid
(RTTNews) - Avangrid, Inc. (AGR) has entered into an agreement under which Iberdrola will acquire the remaining 18.4% 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 an 11.4% premium over the closing price of Avangrid common stock on March 6, 2024, 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 $0.440 per share through the closing of the transaction.
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