Avangrid Announces Receipt of “Take Private” Proposal From Iberdrola, S.A.
07 Marzo 2024 - 12:36PM
Business Wire
Today Avangrid, Inc. (NYSE: AGR), a leading sustainable energy
company, and a member of the group of companies controlled by
Iberdrola, S.A., announced that the Unaffiliated Committee of
its Board of Directors received a non-binding proposal from
Iberdrola, S.A. on March 6, 2024 to acquire all of the issued and
outstanding shares of common stock of Avangrid not owned by
Iberdrola, S.A. or its affiliates for $34.25 in cash per share.
Iberdrola, S.A. owns approximately 81.6% of Avangrid’s issued and
outstanding shares of common stock.
On March 6, 2024, the Avangrid Board met and determined that the
Unaffiliated Committee will review, evaluate, negotiate, and
approve or disapprove the proposal, advised by independent legal
and financial advisers, as well as any other alternative proposals
or other strategic alternatives that may be available to Avangrid.
The consummation of the proposed transaction is conditioned upon
the approval of the proposed transaction by the Unaffiliated
Committee and by the Avangrid shareholders that hold in the
aggregate a majority of the outstanding shares of common stock that
are not held by Iberdrola, S.A. and its affiliates.
No decision has yet been made with respect to Avangrid’s
response to the proposal or any alternatives thereto. Avangrid’s
Board cautions that it has only received a proposal, which does not
constitute an offer or proposal capable of acceptance and may be
withdrawn at any time and in any manner. There can be no assurance
that any definitive offer will be made, that any agreement will be
executed or that the transaction proposed in the proposal or any
other transaction will be approved or completed.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be
the leading sustainable energy company in the United States.
Headquartered in Orange, CT with approximately $44 billion in
assets and operations in 24 U.S. states, Avangrid has two primary
lines of business: networks and renewables. Through its networks
business, Avangrid owns and operates eight electric and natural gas
utilities, serving more than 3.3 million customers in New York and
New England. Through its renewables business, Avangrid owns and
operates a portfolio of renewable energy generation facilities
across the United States. Avangrid employs more than 7,500 people
and was recognized by JUST Capital as one of the JUST 100 companies
– a ranking of America’s best corporate citizens - in 2024 for the
fourth consecutive year. In 2024, Avangrid ranked first within the
utility sector for its commitment to the environment. The company
supports the U.N.’s Sustainable Development Goals and was named
among the World’s Most Ethical Companies in 2024 for the sixth
consecutive year by the Ethisphere Institute. Avangrid is a member
of the group of companies controlled by Iberdrola, S.A. For more
information, visit https://www.avangrid.com.
Forward Looking Statements
Certain statements in this release may relate to our future
business and financial performance and future events or
developments involving us and our subsidiaries that are not purely
historical and may constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by the use of
forward-looking terms such as “may,” “will,” “should,” “would,”
“could,” “can,” “expect(s),” “believe(s),” “anticipate(s),”
“intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),”
“guide(s),” “target(s),” “forecast(s),” “are (is) confident that”
and “seek(s)” or the negative of such terms or other variations on
such terms or comparable terminology. These forward-looking
statements generally include statements regarding the potential
transaction between Avangrid and Iberdrola, including any
statements regarding the expected timetable for completing the
potential transaction, the ability to complete the potential
transaction, the expected benefits of the potential transaction,
projected financial information, future opportunities, and any
other statements regarding the Corporation’s future expectations,
beliefs, plans, objectives, results of operations, financial
condition and cash flows, or future events or performance. Readers
are cautioned that all forward-looking statements are based upon
current reasonable beliefs, expectations and assumptions. The
Corporation’s business, financial condition, cash flow, and
operating results are influenced by many factors, which are often
beyond its control, that can cause actual results to differ from
those expressed or implied by the forward-looking statements. For a
discussion of risk factors and other important factors affecting
forward-looking statements, please see the Corporation’s Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q filings and
the information filed on the Corporation’s Forms 8-K with the
Securities and Exchange Commission (the “SEC”) as well as its
subsequent SEC filings, and the risks and uncertainties related to
the proposed transaction with Iberdrola, including, but not limited
to: the expected timing and likelihood of completion of the
proposed transaction, including the timing, receipt and terms and
conditions of any required shareholder, governmental and regulatory
approvals of the proposed transaction that could reduce anticipated
benefits or cause the parties to abandon the transaction, risks
related to disruption of management time from ongoing business
operations due to the proposed transaction, the risk that the
proposed transaction and its announcement could have an adverse
effect on the ability of the Corporation to retain and hire key
personnel and maintain relationships with its customers and
suppliers, and on its operating results and businesses generally,
and litigation or administrative proceedings that may arise in
connection with the proposed transaction. Other unpredictable or
unknown factors not discussed in this communication could also have
material adverse effects on forward-looking statements. Should one
or more of these risks or uncertainties materialize, or should any
of the underlying assumptions prove incorrect, actual results may
vary in material respects from those expressed or implied by these
forward-looking statements. You should not place undue reliance on
these forward-looking statements. The Corporation does not
undertake any obligation to update or revise any forward-looking
statements to reflect events or circumstances after the date of
this release, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws. Other risk factors are detailed from time to time in the
Corporation’s reports filed with the SEC and we encourage you to
consult such disclosures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240307874858/en/
Analysts: Charlotte Ancel, Charlotte.Ancel@Avangrid.com,
203-997-7366 Media: Leo Rosales, Leo.Rosales@Avangrid.com,
518-419-2401
Grafico Azioni Avangrid (NYSE:AGR)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Avangrid (NYSE:AGR)
Storico
Da Mag 2023 a Mag 2024