The World Madrid
Madrid
Updated Thursday, March 7, 2024-09:51
Iberdrola
has launched an offer to acquire 18.4% of its US subsidiary
Avangrid
, of which it already controls approximately 81.6% of its capital, as the company announced this Thursday.
Thus, Iberdrola offers 34.25 dollars (31.44 euros) per share, which represents an approximate premium of 10% compared to the weighted average price of the last 30 days and a total disbursement of
2,486 million
dollars (about 2,280 million of euros).
The objective of this transaction is to increase exposure to the networks business in the United States "at a key moment for Iberdrola, which wants to grow in markets with high credit ratings and in regulated businesses such as networks."
Based in Connecticut, Avangrid currently has
44,000 million
dollars (40,391 million euros) in assets and operations in 24 US states, according to the Europa Press agency.
Through its networking business, it owns and operates
eight electric and natural gas companies
, serving more than 3.3 million customers in New York and New England.
Regarding the renewable energy business, Avangrid owns and operates a portfolio of renewable energy generation facilities throughout the United States.
In 2023, the company obtained an adjusted gross operating profit (Ebitda) of 2,430 million dollars (2,230 million euros), compared to 2,246 million dollars (2,061 million euros) the previous year.
As reported by Iberdrola to the National Securities Market Commission (CNMV), the execution of a definitive agreement is subject to the performance of a confirmatory
'due diligence'
, the negotiation and signing of the definitive documentation of the transaction, and the approval of the Board of Directors of Iberdrola and the Independent Committee and the Board of Directors of Avangrid.