Avangrid to Start NYSE Delisting Process After Iberdrola Buyout Gets Approvals

Dow Jones

2024-12-23

By Adria Calatayud

Avangrid will start a process to delist from the New York Stock Exchange after majority shareholder Iberdrola got regulatory approvals to complete a deal to take full control of the U.S. utility.

Spain's Iberdrola said late Friday that it expected to close on Monday its $2.55 billion deal for the shares in Avangrid it didn't already own.

The transaction received authorization from the U.S. Federal Energy Regulatory Commission and the Maine Public Utilities Commission, as well as from the New York Public Service Commission.

Iberdrola first made a bid to take full ownership in Connecticut-headquartered Avangrid in March and raised its offer in May, as part of a plan to increase exposure in the U.S.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

December 23, 2024 03:11 ET (08:11 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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