Spanish global energy company Iberdrola has completed its $2.5 billion acquisition of Central Maine Power’s parent company, Avangrid, the company said in a statement Monday.
Iberdrola previously held 81.6 percent of Avangrid’s stock. In June it bought the remaining 18.4 percent. The deal, which was approved by the Federal Energy Regulatory Commission and New York state regulators, turns Avangrid into a private company.
Avangrid shareholders will receive $35.75 per share from the acquisition, and the company will be delisted from the New York Stock Exchange, according to Iberdrola.
Maine’s Public Utilities Commission in September waived a requirement that it approve the acquisition, with Chair Phil Bartlett and Commissioner Patrick Scully noting that Iberdrola had obtained a 100 percent stake in former CMP parent company Energy East in 2008.
Opponents at the time, including Maine Public Advocate William Harwood and consumer groups argued that the takeover transforms the publicly traded Avangrid into a private company, which exempts it from filing certain financial records with the Securities and Exchange Commission.
Former Maine PUC Chair Sharon Reishus told Maine Public earlier this year the commission will still retain broad regulatory power over CMP.
