Energy services company Avangrid Inc ( AGR )  shares are trading higher after receiving a non-binding proposal from Iberdrola, S.A. ( IBDSF ) (OTC:IBDSF) on March 6, 2024.

Iberdrola ( IBDSF ), which owns approximately 81.6% of Avangrid’s issued and outstanding shares of common stock, has offered to acquire all of the issued and outstanding shares of Avangrid ( AGR ) not owned by it or its affiliates for $34.25 in cash per share.

The “Take Private” proposal offers a premium of 7% to AGR’s last closing price of $32.08.

Avangrid ( AGR ) said its unaffiliated committee will review, evaluate, negotiate, and approve or disapprove the proposal.

The consummation of the proposed transaction is conditioned upon the committee’s approval and by the Avangrid ( AGR ) shareholders.

Avangrid ( AGR ) said no decision has yet been made regarding its response to the proposal or any alternatives thereto. 

Headquartered in Connecticut, Avangrid ( AGR ) has approximately $44 billion in assets and operations in 24 U.S. states.

Through its networks business, Avangrid ( AGR ) owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. 

Through its renewables business, Avangrid ( AGR ) owns and operates a portfolio of renewable energy generation facilities across the U.S.

Price Action: AGR shares are trading higher by 11.6% at $35.81 in premarket on the last check Thursday.