Maine PUC Approves Avangrid Ownership Change

By Tamara Parker • Wednesday, September 18 15:16 • Permanent Link

Avangrid, Inc. (NYSE: AGR) has received approval from the Maine Public Utilities Commission for an exemption from approval requirements for a change in ownership in connection with Iberdrola S.A.'s acquisition of the remaining 18.4% of the issued and outstanding shares of common stock of Avangrid that it does not currently own. This transaction will revert to Iberdrola's previously authorized 100% interest, which it held following its acquisition of Avangrid's predecessor in 2008. The final written order providing for the exemption is expected to follow.

The Maine PUC's decision was based on facts from Iberdrola's 2008 reorganization case, which was described as "thoroughly litigated." The 2008 transaction included a 15-page stipulation signed by nine parties, including the Office of the Public Advocate, containing 59 conditions designed to protect Maine utilities and ratepayers.

This approval follows recent action by the U.S. Federal Energy Regulatory Commission approving Iberdrola's acquisition of the remaining 18.4% of Avangrid's shares and institutional shareholder services and Glass Lewis both recommending that Avangrid shareholders vote "for" the adoption of the merger with Iberdrola.

Avangrid's Chief Executive Officer, Pedro Azagra, expressed appreciation for the Maine Public Utilities Commission's review of the petition. The transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of other closing conditions, including receipt of the approval of the New York Public Service Commission and Avangrid shareholder approval.

Avangrid aspires to be the leading sustainable energy company in the United States with approximately $46 billion in assets and operations in 24 U.S. states. The company employs approximately 8,000 people and was recognized by Just Capital as one of the Just 100 companies in 2024 for the fourth consecutive year. Avangrid ranked first within the utility sector for its commitment to the environment and was named among the world's most ethical companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Today the company's shares have moved 0.1% to a price of $35.8. Check out the company's full 8-K submission here.

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