PORTLAND PRESS HERALD • March 8, 2024
Spanish energy giant Iberdrola, which owns Central Maine Power Co.’s parent company, Avangrid Inc., is making a nearly $2.5 billion play for full control of its U.S. subsidiary and its extensive gas and electricity utilities in the Northeast. Avangrid said Thursday it received a nonbinding proposal, but not an offer, from Iberdrola to buy the more than 18% of shares not already owned by the Spanish company. Iberdrola offered $34.25 a share in cash, 10% above the weighted average price over the last 30 days. Iberdrola, which owns about 81.6% of Avangrid stock, pegged the value of the deal at $2.48 billion.