May 17, 2024
Spanish utility Iberdrola (IBE.MC), opens new tab has agreed to acquire the remaining 18.4% stake in Avangrid (AGR.N), opens new tab that it does not already own, the U.S. subsidiary said on Friday, in an all-cash deal worth about $2.6 billion.
The agreement would come after Avangrid abandoned in January an $8.3 billion deal to acquire U.S. competitor PNM Resources (PNM.N), opens new tab because it failed to secure approval from New Mexico’s utility regulator more than three years after first announcing the plan.
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