Spanish utility Iberdrola, S.A. on May 17, entered into a merger agreement to acquire the remaining 18.4% stake in Avangrid, Inc. (AGR) that it does not already own, in an all-cash deal worth about $2.551 billion.
The deal comes after Avangrid failed to acquire PNM Resources (PNM) in January in a $8.05 billion deal, as it couldn’t receive the required approval from New Mexico’s utility regulator three years after the announcement of the deal.