Avangrid, Inc. (NYSE: AGR) (Avangrid), a leading sustainable energy company, and a member of the group of companies controlled by Iberdrola, S.A. (Iberdrola), announced that it has entered into a definitive agreement under which Iberdrola will acquire the remaining 18.4% of the issued and outstanding shares of common stock of Avangrid that it does not currently own for US$35.75 per share in an all-cash transaction, representing an approximate total amount of US$2.551 billion. The transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.

Latham & Watkins LLP represents Avangrid in the transaction with a corporate deal team led by New York partners David Kurzweil and Eyal Orgad, with associates Sašo Kraner, Katherine Cody, and William Anderson. Advice was also provided on energy regulatory matters by Washington, D.C. partner Natasha Gianvecchio and Washington, D.C. counsel Anna Biegelsen; on employee benefits matters by Washington, D.C. partner Adam Kestenbaum and Houston counsel Krisa Benskin; and on tax matters by Chicago partner Joe Kronsnoble, with associate Dylan White.