Press Releases
09/26/2024
Avangrid Shareholders Approve All Proposals, Including Approval Of Merger Agreement, At 2024 Annual Meeting
Avangrid Shareholders Approve All Proposals, Including Approval Of Merger Agreement, At 2024 Annual Meeting
BOSTON, MA -- September 26, 2024 - Avangrid, Inc. (NYSE: AGR) (“Avangrid” or the “Company”) today announced that its shareholders voted to adopt the Agreement and Plan of Merger (the “Merger Agreement”), whereby Iberdrola, S.A. (“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.
“Today’s approval by shareholders is an important step in the merger process. We are excited about Iberdrola’s continued investment in Avangrid and commitment to the United States. As a wholly-owned member of the Iberdrola Group, we will continue to serve our customers and build our renewable energy assets work to achieve our vision to lead the clean energy transition with a strong commitment to sustainability, community, governance, and our employees,” said Pedro Azagra, Chief Executive Officer of Avangrid.
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.
The final voting results of the Annual Meeting, as tabulated by an independent inspector of elections, will be available on a current report on Form 8-K that will be filed with the U.S. Securities and Exchange Commission and posted on Avangrid’s website, www.avangrid.com.
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 approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. 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 www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
