03:45 PM EDT, 05/17/2024 (MT Newswires) -- (Updates with Avangrid ( AGR ) statement starting in third paragraph.)

Spanish energy giant Iberdrola said Friday in a regulatory filing it agreed in principle to acquire the remaining shares of its US unit Avangrid ( AGR ) for $35.75 each, or $2.55 billion.

Iberdrola owns 81.6% of Avangrid ( AGR ). The price topped the offer of $34.25 a share that Iberdrola announced in March.

Separately, Avangrid ( AGR ) said it has entered into a definitive agreement for the Spanish company to acquire the remaining 18.4% of Avangrid ( AGR ) in an all-cash transaction.

Iberdrola said in its filing that a binding agreement had not yet been reached.

Avangrid ( AGR ) said its board has approved the agreement with the transaction expected to close in Q4, subject to conditions including regulatory approvals.

Avangrid ( AGR ) shares fell 4.7% in recent activity Friday as the stock resumed trading.

Price: 35.78, Change: -1.76, Percent Change: -4.68