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Avangrid (NYSE:AGR) confirmed Thursday it received a proposal from majority owner Iberdrola (OTCPK:IBDRY) (OTCPK:IBDSF) to acquire all issued and outstanding common shares the Spanish company does not already own for $34.25/share in cash, or ~$2.49B; Avangrid +6.6% pre-market.
Iberdrola (OTCPK:IBDRY) (OTCPK:IBDSF) currently owns 81.6% of Avangrid's (AGR) issued and outstanding shares of common stock.
"The objective of this transaction is to increase exposure to the networks business in the United States at a key time for Iberdrola, which wants to grow in markets with high credit ratings and in regulated businesses such as networks," Iberdrola (OTCPK:IBDRY) (OTCPK:IBDSF) said.
Connecticut-based Avangrid (AGR) has $44B in assets and operations in 24 U.S. states.