Iberdrola has agreed to acquire the remaining 18% stake in its U.S. subsidiary Avangrid, making it full owner of the company.
Iberdrola previously owned approximately 82% of Avangrid. The boards of directors for Avangrid and Iberdrola unanimously approved the transaction.
The deal is conditional on requisite shareholder approval as well as approval from regulators such as the Federal Energy Regulatory Commission and state commissions of New York and Maine.
Avangrid is headquartered in Connecticut.
