Spanish energy giant Iberdrola has completed its $2.5 billion acquisition of Central Maine Power’s parent company – Avangrid.
Iberdrola previously held 82 percent of Avangrid’s stock, and the new deal already approved by federal and New York state regulators, turns Avangrid into a private company.
Once the transaction is completed, Avangrid’s headquarters will remain in Orange, Connecticut.
Iberdrola says Avangrid shareholders will receive $35.75 per share, and the company will be delisted from the New York Stock Exchange.
The Maine Public Utilities Commission allowed the deal to move forward without state review back in September.
Critics say it’ll undermine transparency in the utility’s operations.
Iberdrola bills itself as a leading company in networks and renewables. The company says it’s acquisition of Avangrid will allow Avangrid to participate more economically in new energy infrastructure projects in its grid and renewable businesses.
Avangrid, including the power companies it owns, currently serves about 3.1 million customers in New England, Pennsylvania and New York in the United States.
