Avangrid (AGR) Receives $34.25/sh Acquisition Proposal from Iberdrola

On March 6, 2024, the Unaffiliated Committee (the “Committee”) of the Board of Directors (the “Board”) of Avangrid (NYSE: AGR) received a non-binding proposal from Iberdrola, S.A. to acquire all of the issued and outstanding shares of common stock of the Corporation not owned by Iberdrola, S.A. or its affiliates for $34.25 in cash per share. Iberdrola, S.A. owns approximately 81.6% of the Corporation’s issued and outstanding shares of common stock.

On March 6, 2024, the Board met and determined that the Committee will review, evaluate, negotiate, and approve or disapprove the proposal, advised by independent legal and financial advisers, as well as any other alternative proposals or other strategic alternatives that may be available to the Corporation. The consummation of the proposed transaction is conditioned upon the approval of the proposed transaction by the Committee and by the shareholders of the Corporation that hold in the aggregate a majority of the outstanding shares of common stock that are not held by Iberdrola, S.A. and its affiliates.

No decision has yet been made with respect to the Corporation’s response to the proposal or any alternatives thereto. The Board cautions that it has only received a proposal, which does not constitute an offer or proposal capable of acceptance and may be withdrawn at any time and in any manner. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the transaction proposed in the proposal or any other transaction will be approved or completed.

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