EFE.- The Spanish energy company Iberdrola completed the acquisition of all the shares of Avangrid, its US subsidiary, after the New York State Public Service Commission gave its green light.
The US body gave its approval on Friday and the Spanish company has already communicated it to the National Securities Market Commission (CNMV), the Spanish stock market supervisor.
At the end of last September, Iberdrola already informed the CNMV that it had received authorization from the United States Federal Energy Regulatory Commission (FERC), as well as the Public Service Commission of the state of Maine.
At the beginning of last September, the United States Federal Energy Regulatory Commission also gave its authorization for the Spanish energy company to acquire the 18.4% that it did not yet own in Avangrid to proceed with a merger.
The Spanish company also reported that “the consummation of the merger of Avangrid and Arizona Merger Sub, with Iberdrola, SA becoming the owner of 100% of the share capital of Avangrid, will take place on December 23, 2024.”
It also indicates that within the framework of the closing of the merger, “Iberdrola and Avangrid will terminate the agreement with the shareholder signed between both companies on December 16, 2015”, in addition, Avangrid will instruct the New York Stock Exchange (NYSE) to begin the process of delisting your shares from trading on that market.
With the integration of Avangrid, the Spanish energy company seeks to increase its network business in the US at a key moment for the group, which wants to grow in markets with high credit ratings and in regulated activities such as this one.
Avangrid, based in Connecticut, has 44 billion dollars in assets, operations in 24 states in the North American country and 8,000 workers. Its main businesses are networks and renewable energies.
Iberdrola is present in Europe, Asia, Australia and America; On this continent it is present in the United States, Canada, Mexico, Costa Rica and Brazil.
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