By Ian Walker

Iberdrola has raised its offer to buy the outstanding shares of Avangrid to $2.55 billion as part of its plan to increase exposure in the U.S.

The Spanish electric utility said Friday that it has agreed to buy the shares that it doesn't already own for $35.75, up from $34.25 as announced on March 7.

Iberdrola currently owns around 81.6% of Avangrid.

At the time of the original deal the company said that the objective was to increase exposure to the networks business in the U.S.

Avangrid houses Iberdrola's U.S. renewable-energy assets as well as electric and natural-gas utilities. It called off a $4.3 billion merger deal with PNM that the companies reached in 2020. That merger would have created a company with more than 7.4 gigawatts of renewable assets and 4 million electric and natural-gas utility customers.

Connecticut-headquartered Avangrid has $44 billion in assets and operations in 24 U.S. states.

Write to Ian Walker at

(END) Dow Jones Newswires

05-17-24 1054ET