Iberdrola (OTC:IBDRY), S.A. (BME:IBE), a major stakeholder in Avangrid, Inc. (NYSE:NYSE:AGR), has completed a significant transaction by acquiring over 71 million shares of common stock in Avangrid. The purchase, valued at approximately $2.55 billion, was executed at a price of $35.75 per share. According to InvestingPro data, Avangrid's stock currently trades at $36.02, with a market capitalization of $13.94 billion and offers an attractive 4.89% dividend yield.
This acquisition is part of a merger agreement dated May 17, 2024, where Iberdrola's wholly-owned subsidiary, Arizona Merger Sub, Inc., merged with Avangrid. As a result, Avangrid has become a wholly-owned subsidiary of Iberdrola, and all common stock shares have been converted to cash at the agreed price, excluding shares already held by Iberdrola. InvestingPro analysis shows the company maintains a FAIR financial health score, with notably low price volatility. Discover more insights about Avangrid and 1,400+ other stocks through comprehensive Pro Research Reports on InvestingPro.
In other recent news, Avangrid, Inc. has been active with several significant developments. The company announced the completion of its merger with Arizona Merger Sub, Inc., a subsidiary of Iberdrola S.A., a move that saw the termination of Avangrid's NYSE listing. The merger resulted in Avangrid becoming a wholly-owned subsidiary of Iberdrola, S.A., with each share converted into the right to receive $35.75 in cash.
In addition to the merger, Avangrid reported robust third-quarter results, with adjusted earnings per share of $0.55 and revenue of $2.08 billion, surpassing analyst expectations. The company also completed a $160 million offshore lease sale to Virginia Electric and Power Company, a Dominion Energy (NYSE:D) subsidiary.
Avangrid's subsidiary, NECEC Transmission LLC, revised several transmission service agreements related to the New England Clean Energy Connect transmission line project. Lastly, Avangrid participated in an auction for offshore wind development rights initiated by the Biden administration, reflecting the company's active engagement in the renewable energy sector. These are the recent developments in the company's operations.
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