Energy services company Avangrid Inc (NYSE:AGR) shares are trading higher after receiving a non-binding proposal from Iberdrola, S.A. (OTC:IBDSF) on March 6, 2024.
Iberdrola, which owns approximately 81.6% of Avangrid's issued and outstanding shares of common stock, has offered to acquire all of the issued and outstanding shares of Avangrid not owned by it or its affiliates for $34.25 in cash per share.
The "Take Private" proposal offers a premium of 7% to AGR's last closing price of $32.08.
Avangrid said its unaffiliated committee will review, evaluate, negotiate, and approve or disapprove the proposal.
The consummation of the proposed transaction is conditioned upon the committee's approval and by the Avangrid shareholders.
Avangrid said no decision has yet been made regarding its response to the proposal or any alternatives thereto.
Headquartered in Connecticut, Avangrid has approximately $44 billion in assets and operations in 24 U.S. states.
Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England.
Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the U.S.
Price Action: AGR shares are trading higher by 11.6% at $35.81 in premarket on the last check Thursday.
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