Iberdrola has launched an offer to acquire the remaining share of its US subsidiary Avangrid.
Iberdrola currently owns approximately 81.6% of the capital and aims to strengthen its presence in the networks business in the United States by acquiring 18.4%.
The company is offering $34.25 per share.
This price represents an investment of $2.48bn (€2.28bn).
The objective of this transaction is to increase exposure to the networks business in the United States at a key time for Iberdrola, which wants to grow in markets with high credit ratings and in regulated businesses such as networks.
Headquartered in Connecticut, Avangrid currently has $44bn in assets and operations in 24 US states.
It has two main businesses areas, networks and renewables.
Through its networks business, Avangrid owns and operates eight electric and natural gas companies, serving more than 3.3 million customers in New York and New England.
Through its renewable energy business, Avangrid owns and operates a portfolio of renewable energy generation facilities throughout the United States. Today, the company has 8000 employees.
In 2023, the company posted adjusted gross operating profit (EBITDA) of $2.43bn, up from $2.246bn a year earlier.