Iberdrola has completed its merger with US subsidiary Avangrid after acquiring the 18.4% of the shares it did not already control. Avangrid shareholders will receive US$35.75 per share, and the company will be delisted from the New York Stock Exchange. The transaction was completed after the green light was given by the Federal Energy Regulatory Commission (FERC), the Maine state regulator, and also the New York state regulator, the latter last Friday. Avangrid shareholders who owned the stock on December 2, 2024, will also receive the proportional quarterly dividend until closing, which will be paid on January 2, 2025.

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.