M&A · Energy · Electric Services
Iberdrola to acquire Avangrid, Inc.
Announced May 17, 2024 · Closed Dec 23, 2024
Deal value$13.83BEV $19.12B
Premium11.4%To unaffected price
EV / Adj. EBITDA8.4x2.3x EV / Revenue
ConsiderationAll cash$35.75 per share
Transaction
- Acquirer
- Iberdrola
- Target
- Avangrid, Inc. (AGR)
- Buyer type
- Strategic
- Offer price per share
- $35.75
- Enterprise value
- $19.12B
- Status
- Closed Dec 23, 2024
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Moelis
Sector context · Energy
- Comparable deals
- 39 in the prior 24 months
- Premium
- 11.4% vs. 18.9% sector median
- EV / Adj. EBITDA
- 8.4x vs. 7.1x sector median
- Break fee
- Sector median 2.9%
Timeline
- AnnouncedMay 17, 2024
- Proxy filedJun 21, 2024
- Definitive proxyAug 20, 2024
- Shareholder voteSep 26, 2024
- ClosedDec 23, 2024
Valuation · fairness opinions
Discounted cash flowMoelis$28.42$46.39
Trading comparablesMoelis$30.67$41.77
Trading comparablesMoelis$33.12$46.48
Precedent transactionsMoelis$32.58$62.81
Discounted cash flowMorgan Stanley$27.50$42.50
Discounted cash flowMorgan Stanley$29.00$38.00
Discounted cash flowMorgan Stanley$5.00$8.75
Sum of the partsMorgan Stanley$34.00$46.75
Premiums paidMorgan Stanley$33.75$46.50
Offer $35.75
Implied value per Avangrid, Inc. share by analysis, from Moelis and Morgan Stanley.