Avangrid ticks higher as Maine PUC staff supports exemption for Iberdrola deal

Avangrid (NYSE:AGR) edged higher by 0.1% as the staff of the Maine Public Utilities Commission said it supports an exemption that would have required the regulator to approve its planned sale to Spain’s Iberdrola (OTCPK:IBDRY).

The Maine PUC staff supports the exemption that Iberdrola (OTCPK:IBDRY) had asked for, according to a filing on Monday.

The Spanish utility asked for the regulator to waive the approval process because Iberdola already owns 80% of Avangrid (AGR). The Maine PUC has said it will make a decision in November, according to a report from Maine Public Radio.

“An exemption is warranted based on the Commission’s prior approval of the corporate structure that Petitioners now seek to resurrect along with the plethora of conditions on that approval that remain in effect and continue to serve ratepayers’ interest,” PUC staff attorney Nora Healy wrote in the filing.

Spanish utility Iberdrola in May reached an agreement to purchase the remaining stake in Avangrid (AGR) it doesn’t already own for about $2.55 billion. Iberdrola will acquire the 18.4% stake in Avangrid it doesn’t already own for $35.75 a share.

The transaction is expected to close in Q4 subject to receipt of the shareholder and the approval of the Federal Energy Regulatory Commission, the Maine PUC and the New York Public Service Commission, Iberdrola said in May.