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Iberdrola makes $2.5bn bid for full control of Avangrid

RICHARD HEAP

March 7, 2024

Iberdrola has launched a $2.49bn bid to buy the 18.4% stake it does not currently own in its US subsidiary Avangrid.

The Spanish utility is offering $34.25 per share for the stake, which is 10% higher than Avangrid’s weighted average share price over the last 3o days.

Iberdrola said it wants to increase its exposure to the US networks business, and added that the firm “wants to grow in markets with high credit ratings and in regulated businesses such as networks”.

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