Spanish energy giant purchases CMP parent company for $2.5B

PORTLAND PRESS HERALD • December 26, 2024

Spanish energy giant Iberdrola has completed its $2.5 billion acquisition of Central Maine Power’s parent company. The transaction makes Maine’s biggest electric utility privately held and reduces its visibility to federal securities regulators. New York regulators approved Iberdrola’s purchase of the remaining 18.4% of Avangrid Inc. on Dec. 20 and the deal was completed Monday, with shareholders being paid $35.75 a share. The Federal Energy Regulatory Commission had signed off on the acquisition in September.