Avangrid announces ISS, Glass Lewis both recommend Iberdrola merger

Avangrid announced that Institutional Shareholder Services, or ISS, and Glass Lewis, two independent proxy firms, have both recommended that Avangrid shareholders vote for the adoption of the agreement and plan of merger, dated as of May 17, by and among Iberdrola, S.A., a corporation organized under the laws of Spain, Arizona Merger Sub, Inc., a New York corporation and wholly-owned subsidiary of Iberdrola, and Avangrid. The merger agreement provides that, upon the terms and subject to the satisfaction or waiver of the conditions set forth therein, merger sub will merge with and into Avangrid, with Avangrid continuing as the surviving corporation and a wholly-owned subsidiary of Iberdrola.