Iberdrola, S.A. (BME:IBE) received a non-binding proposal to acquire 18.4% stake in Avangrid, Inc. (NYSE:AGR) for $2.5 billion on March 6, 2024. As part of the consideration, Iberdrola will pay $34.25 in cash for each share of the Avangrid. The transaction is subject to the approval by the board and by the Avangrid shareholders.

Morgan Stanley acted as financial advisor to Iberdrola, S.A.