June 20, 2021

Iberdrola adds Qatar to its North American subsidiary Avangrid


Madrid

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The Iberdrola group will enter the shareholding of its North American subsidiary Avangrid to the state fund Qatar Investment Authority (QIA) through a capital increase. After this operation, Iberdrola will keep 81.5% of Avangrid and Qatar 3.7%. It should be remembered that this fund owns 8.7% of Iberdrola.

Avangrid will issue a total of $ 4 billion in common shares in a private placement transaction at $ 51.40 per share, the closing price on May 11, 2021. Iberdrola will subscribe $ 3.26 billion in proportion to its current stake of 81.5% in the company and the Qatar Investment Authority (QIA) will subscribe the remaining 740 million dollars, acquiring approximately 3.7% of the ordinary shares of Avangrid, as Iberdrola explained today.

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