Avangrid, Inc.

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Ademi LLP is investigating Avangrid (NYSE: AGR) for possible breaches of fiduciary duty and other violations of law in its transaction with Iberdrola.

In the transaction, Iberdrola will acquire the remaining 18.4% of the issued and outstanding shares of common stock of Avangrid that it does not currently own for $35.75 per share in an all-cash transaction. The transaction agreement unreasonably limits competing transactions for Avangrid by imposing a significant penalty if Avangrid accepts a competing bid. Avangrid insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Avangrid’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.