Avangrid Shareholders Approve All Proposals, Including Approval of Merger Agreement, at 2024 Annual Meeting
Avangrid (NYSE: AGR) shareholders have approved all proposals at the 2024 Annual Meeting, including the Merger Agreement with Iberdrola. This agreement allows Iberdrola to acquire the remaining 18.4% of Avangrid's stock it doesn't currently own. The merger has received approval from the Maine Public Utilities Commission and the Federal Energy Regulatory Commission. It now awaits approval from the New York Public Service Commission, with the transaction expected to close in Q4 2024.
Shareholders also elected 14 nominees to the Board of Directors, ratified the appointment of the independent public accounting firm, and approved executive compensation. Upon closing, Avangrid will become a privately-held company and delist from the NYSE. CEO Pedro Azagra expressed excitement about Iberdrola's continued investment and commitment to leading the clean energy transition in the United States.
Gli azionisti di Avangrid (NYSE: AGR) hanno approvato tutte le proposte durante l'Assemblea Annuale del 2024, inclusa la Convenzione di Fusione con Iberdrola. Questo accordo consente a Iberdrola di acquisire il restante 18,4% delle azioni di Avangrid che attualmente non possiede. La fusione ha ricevuto l'approvazione dalla Commissione Pubblica delle Utility del Maine e dalla Commissione Federale per la Regolazione dell'Energia. Ora è in attesa dell'approvazione dalla Commissione per i Servizi Pubblici di New York, con la transazione che dovrebbe concludersi nel Q4 2024.
Gli azionisti hanno anche eletto 14 candidati al Consiglio di Amministrazione, ratificato la nomina della società di contabilità pubblica indipendente e approvato la compensazione esecutiva. Una volta concluso, Avangrid diventerà una società privata e si ritirerà dalla NYSE. Il CEO Pedro Azagra ha espresso entusiasmo per l'investimento continuo di Iberdrola e il suo impegno a guidare la transizione verso l'energia pulita negli Stati Uniti.
Los accionistas de Avangrid (NYSE: AGR) han aprobado todas las propuestas en la Junta Anual de 2024, incluida la Convenio de Fusión con Iberdrola. Este acuerdo permite a Iberdrola adquirir el 18,4% restante de las acciones de Avangrid que actualmente no posee. La fusión ha recibido la aprobación de la Comisión de Servicios Públicos de Maine y de la Comisión Federal Reguladora de Energía. Ahora aguarda la aprobación de la Comisión de Servicios Públicos de Nueva York, con la transacción que se espera cierre en el Q4 de 2024.
Los accionistas también eligieron a 14 candidatos para la Junta Directiva, ratificaron el nombramiento de la firma de contabilidad pública independiente y aprobaron la compensación ejecutiva. Al concluir, Avangrid se convertirá en una empresa privada y se retirará de la NYSE. El CEO Pedro Azagra expresó su entusiasmo por la continua inversión de Iberdrola y su compromiso de liderar la transición hacia la energía limpia en Estados Unidos.
Avangrid (NYSE: AGR) 주주들이 2024년 연례 회의에서 모든 제안을 승인했습니다, 이에는 Iberdrola와의 합병 계약이 포함됩니다. 이 계약은 Iberdrola가 현재 소유하고 있지 않은 Avangrid의 남은 18.4% 주식을 인수할 수 있도록 합니다. 이 합병은 메인주 공공 유틸리티 위원회와 연방 에너지 규제 위원회의 승인을 받았습니다. 이제 뉴욕 공공 서비스 위원회의 승인을 기다리고 있으며, 2024년 4분기에 거래 완료가 예상됩니다.
주주들은 또한 이사회에 14명의 후보를 선출하고 독립 회계 법인의 임명을 승인했으며, 경영진 보상도 승인했습니다. 거래가 완료되면 Avangrid는 비상장 회사가 됩니다 그리고 NYSE에서 상장 폐지됩니다. CEO 페드로 아자그라(Pedro Azagra)는 Iberdrola의 지속적인 투자와 미국 내 청정 에너지 전환을 선도하겠다는 약속에 대해 큰 기대를 표명했습니다.
Les actionnaires d'Avangrid (NYSE: AGR) ont approuvé toutes les propositions lors de l'Assemblée Générale Annuelle 2024, y compris le contrat de fusion avec Iberdrola. Cet accord permet à Iberdrola de acquérir les 18,4% restantes des actions d'Avangrid qu'elle ne possède pas actuellement. La fusion a reçu l'approbation de la Commission des services publics du Maine et de la Commission fédérale de réglementation de l'énergie. Elle attend maintenant l'approbation de la Commission des services publics de New York, la transaction devant se conclure au quatrième trimestre 2024.
Les actionnaires ont également élu 14 candidats au Conseil d'Administration, ratifié la nomination du cabinet d'expertise comptable indépendant et approuvé la rémunération des dirigeants. Une fois finalisée, Avangrid deviendra une entreprise privée et sera retirée de la NYSE. Le PDG Pedro Azagra a exprimé son enthousiasme quant à l'investissement continu d'Iberdrola et à son engagement à diriger la transition énergétique propre aux États-Unis.
Die Aktionäre von Avangrid (NYSE: AGR) haben auf der Jahreshauptversammlung 2024 alle Vorschläge genehmigt, einschließlich des Fusionsvertrags mit Iberdrola. Diese Vereinbarung ermöglicht es Iberdrola, die restlichen 18,4% der Avangrid-Aktien zu erwerben, die derzeit nicht im Besitz sind. Die Fusion wurde von der öffentlichen Versorgungsbehörde von Maine und der Federal Energy Regulatory Commission genehmigt. Sie wartet nun auf die Genehmigung der New Yorker Public Service Commission, wobei der Abschluss der Transaktion im Q4 2024 erwartet wird.
Die Aktionäre wählten auch 14 Kandidaten in den Vorstand, ratifizierten die Ernennung der unabhängigen Wirtschaftsprüfungsgesellschaft und genehmigten die Vorstandsvergütung. Nach dem Abschluss wird Avangrid ein privates Unternehmen werden und von der NYSE gestrichen. CEO Pedro Azagra äußerte sich begeistert über die fortgesetzte Investition von Iberdrola und das Engagement, den Übergang zu sauberer Energie in den Vereinigten Staaten zu führen.
- Majority shareholder approval for the Merger Agreement with Iberdrola
- Approval from Maine Public Utilities Commission and Federal Energy Regulatory Commission
- Expected transaction closure in Q4 2024
- Continued commitment to clean energy transition and sustainability
- Delisting from NYSE upon transaction closure
- Transition from public to privately-held company
Insights
The approval of Iberdrola's acquisition of the remaining
The transaction's impact on Avangrid's stock is immediate and substantial. Once the merger closes, AGR will be delisted from the NYSE, transitioning from a public to a private entity. This change will affect current shareholders, who will receive a cash payout for their shares, but also eliminates future public investment opportunities in Avangrid directly.
For the broader utilities sector, this merger reinforces the trend of consolidation and foreign investment in U.S. energy companies. It may signal increased confidence in the U.S. renewable energy market, potentially spurring similar moves by other international energy conglomerates.
Investors should watch for potential regulatory impacts and any shifts in Avangrid's strategy post-merger, particularly in its renewable energy projects and customer service approach under full Iberdrola control.
The shareholder approval of the merger agreement is a important legal milestone in Iberdrola's acquisition of Avangrid. This vote satisfies a key condition for the transaction's completion, demonstrating shareholder confidence and legal compliance with corporate governance requirements.
However, the merger still faces regulatory hurdles. While the Maine Public Utilities Commission and Federal Energy Regulatory Commission have approved the deal, the pending approval from the New York Public Service Commission is critical. This remaining regulatory review will likely focus on ensuring the merger doesn't adversely affect New York consumers or competition in the energy market.
The transition from a public to a private company will have significant legal implications for Avangrid. It will no longer be subject to SEC reporting requirements or certain corporate governance rules applicable to public companies. This change could affect transparency and shareholder rights, potentially impacting how the company interacts with stakeholders and regulators in the future.
“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
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
About Avangrid
Avangrid (NYSE: AGR) aspires to be the leading sustainable energy company in
About Iberdrola
Iberdrola, Europe’s largest electricity utility by market capitalization and one of the world’s top three electricity companies, is 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
The company has a workforce of over 42,200 and assets in excess of
Forward-Looking Statements
Certain statements in this report may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. These forward-looking statements generally include statements regarding the potential transaction between Avangrid and Iberdrola, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the expected benefits of the potential transaction, projected financial information, future opportunities, and any other statements regarding Avangrid’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current reasonable beliefs, expectations and assumptions. Avangrid’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see Avangrid’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filings and the information filed on Avangrid’s Forms 8-K with the SEC as well as its subsequent SEC filings, and the risks and uncertainties related to the proposed transaction with Iberdrola, including, but not limited to: the expected timing and likelihood of completion of the proposed transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could reduce the anticipated benefits of, or cause the parties to abandon, the transaction, risks that an event, change or other circumstance could give rise to the termination of the merger agreement, risks that competing offers or acquisition proposals for Avangrid could be made, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Avangrid to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally, and litigation or administrative proceedings that may arise in connection with the proposed transaction. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. Avangrid does not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in Avangrid’s reports filed with the SEC and we encourage you to consult such disclosures.
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Media Contact:
Leo
Leo.rosales@avangrid.com
518-419-2401
Source: AVANGRID, Inc.
FAQ
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