Form 4: Avangrid Director Daniel Alcain Disposes of Shares Following Merger

Director Daniel Alcain disposed of 2,654 shares of Avangrid stock at $35.75 per share following the completion of the merger with Iberdrola, S.A.

Summary

• Daniel Alcain, a director at Avangrid, Inc., disposed of 2,654 shares of common stock on December 23, 2024.
• The shares were disposed of at a price of $35.75 per share.
• This transaction occurred as a result of the merger agreement between Avangrid, Iberdrola, S.A., and Arizona Merger Sub, Inc.
• The merger resulted in Avangrid becoming a wholly-owned subsidiary of Iberdrola, S.A.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction following a merger, which is neither particularly positive nor negative. The sentiment is neutral to slightly positive as the merger has been completed as planned.

Industry Context

This transaction is a consequence of the completed merger of Avangrid with Iberdrola, S.A., which is a significant event in the utility sector, consolidating Avangrid under Iberdrola's ownership.

Comparison to Industry Standards

• Mergers and acquisitions are common in the utility sector as companies seek to expand their market presence and achieve economies of scale.
• The acquisition of Avangrid by Iberdrola is similar to other large utility mergers, such as the merger of Duke Energy and Progress Energy, where a larger company acquires a smaller one to consolidate operations and resources.
• The per-share price of $35.75 reflects the agreed-upon valuation in the merger agreement, which is typical in such transactions.

Stakeholder Impact

• Shareholders of Avangrid received $35.75 per share as a result of the merger.
• Avangrid employees are now part of Iberdrola, S.A.

Key Dates

Keywords

Merger, Avangrid, Iberdrola, Share Disposal, Director Transaction, Form 4