Avangrid shareholders vote to adopt Iberdrola merger agreement

Avangrid announced that its shareholders voted to adopt the agreement and plan of merger, whereby Iberdrola will acquire the remaining 18.4% of the issued and outstanding stock of Avangrid that it does not currently own. According to the preliminary results announced at Avangrid’s annual meeting of shareholders, a majority of Avangrid’s shareholders voted in favor of the merger agreement. In addition to approving the merger agreement, at the annual meeting, the Avangrid shareholders voted to elect each of the 14 nominees to the board of directors to serve one-year terms expiring at Avangrid’s 2025 annual meeting. Additionally, the Avangrid shareholders voted to ratify the appointment of Avangrid’s independent public accounting firm and approve on an advisory basis the compensation of Avangrid’s named executive officers. On September 17, the Maine Public Utilities Commission voted to approve the merger transaction subject to a final written order. This follows the approval by the Federal Energy Regulatory Commission and the recent favorable recommendation regarding the merger from two leading independent proxy firms. The merger is now subject to the satisfaction and approval of the New York Public Service Commission and once obtained, the transaction is expected to close during the fourth quarter of 2024. Upon closing the transaction, Avangrid’s common stock will no longer be listed on the NYSE and Avangrid will operate as a privately-held company.