Iberdrola has taken full control of its US subsidiary Avangrid, having acquired the remaining 18.4% in shares that it did not already own, the Spanish energy giant has announced.
The $2.5 billion deal saw Iberdrola pay $35.75 for each of the remaining ordinary shares in Avangrid. Avangrid will now operate as a private company, with its headquarters remaining in Connecticut.
The merger was completed following the green light from the Federal Energy Regulatory Commission (Ferc), and state regulatory commissions of Maine and New York.
Avangrid owns a large grid and renewable energy portfolio in the US. Iberdrola says this move will allow it to invest more in the country.
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