AVANGRID

Iberdrola signed an agreement to acquire the 18.4% minority stake in its U.S. subsidiary Avangrid for $35.75 per share, totaling approximately $2.551 billion. The transaction is subject to regulatory approvals.

Ormazabal supplied a prefabricated concrete substation with automated switchgears to Avangrid for a pilot project in East Williamson, Rochester, New York, marking the first such supply to a US client.

AVANGRID will acquire all outstanding shares of PNM Resources for $50.30 per share in cash, representing an equity value of approximately $4.3 billion. The merger creates a leading U.S. regulated utility and renewable energy platform.