Avangrid shareholders approve sale of remaining shares to parent company

Avangrid shareholders voted in favor of a plan that will see its parent company, Iberdrola, S.A., acquire the remaining 18.4 percent of the issued and outstanding stock of Avangrid that it does not currently own.

Shareholders approved the measure at Avangrid’s annual meeting by a majority vote.

“Today’s approval by shareholders is an important step in the merger process. We are excited about Iberdrola’s continued investment in Avangrid and commitment to the United States. As a wholly owned member of the Iberdrola Group, we will continue to serve our customers and build our renewable energy assets work to achieve our vision to lead the clean energy transition with a strong commitment to sustainability, community, governance, and our employees,” Pedro Azagra, CEO of Avangrid, said.

Avangrid shareholders also voted to elect each of the 14 nominees to the Board of Directors to serve one-year terms expiring at Avangrid’s 2025 annual meeting. Further, shareholders voted to ratify the appointment of Avangrid’s independent public accounting firm and approve on an advisory basis the compensation of Avangrid’s named executive officers.

Back on Sept. 17, the Maine Public Utilities Commission voted to approve the merger transaction subject to a final written order. The deal had already gotten approved by the Federal Energy Regulatory Commission.

The merger is now subject to the satisfaction and approval of the New York Public Service Commission. Once that is obtained, the transaction is expected to close during the fourth quarter of 2024.

After the transaction closes, Avangrid’s common stock will no longer be listed on the NYSE and Avangrid will operate as a privately held company.

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