Photo / Courtesy Iberdrola
Avangrid will continue to have its headquarters in Connecticut.
January 2, 2025
Central Maine Power's parent company Avangrid to become privately held
FILE PHOTO / COURTESY, CMP
Iberdrola recently completed the acquisition of Central Maine Power’s parent company, Avangrid
Iberdrola S.A. recently completed its merger with U.S. subsidiary Avangrid Inc. (NYSE: AGR) after acquiring the 18.4% of the shares it did not already control.
Avangrid shareholders will receive $35.75 per share, and the company was delisted from the New York Stock Exchange on Dec. 23, a company spokesperson told Mainebiz.
Avangrid is the parent company of Central Maine Power.
Once the transaction is completed, Avangrid will operate as a private company, maintaining its headquarters in Connecticut.
It’s expected that the merger will allow Iberdrola to invest in the U.S. more efficiently, with Avangrid able to participate more economically in new energy infrastructure projects in its grid and renewable businesses, according to a news release.
Iberdrola is privately owned energy giant, one of the world's largest electricity companies, in Bilbao, Spain.
Iberdrola agreed to pay a total of $2.6 billion — $35.75 per share — in an all-cash transaction.
The operation was completed after the green light was given by the Federal Energy Regulatory Commission, the Maine Public Utilities Commission and the New York Public Service Commission.
In May, Avangrid said the purchase price represents an 11.4% premium over the closing price of its stock on March 6, the last unaffected trading day before the company's announcement of Iberdrola’s unsolicited offer at that time.
Central Maine Power distributes power to 635,000 Maine customers, mostly in the central and southern regions of the state, and is its largest electric utility.
Orange, Conn.-based Avangrid owns and operates CMP and seven other electric and natural gas utilities, serving 7 million people in New York, Connecticut, Maine and Massachusetts. Including its renewable energy businesses, Avangrid has operations in 24 states, including an installed capacity of 8,700 megawatts of renewable energy, and employs 8,000 people. Its assets total $46 billion.
Iberdrola has been in the U.S. for more than 20 years. About a decade ago, Iberdrola merged its North American subsidiary with the listed UIL Holdings to give rise to Avangrid, which has been listed on the U.S. stock exchange since then.
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