IBDRY - Avangrid to sell $4B in shares to Qatar Investment Iberdrola

Avangrid (AGR) +2.2% post-market after disclosing plans to sell $4B in shares to Qatar Investment Authority and majority shareholder Iberdrola (IBDRY) for $51.40/share, roughly equal to yesterday's closing price.Qatar Investment subsidiary Hyde Member LLC will purchase $740M of shares and Iberdrola will buy $3.26B of shares, according to an 8-K form.Avangrid yesterday confirmed the U.S. government issued its record of decision for the Vineyard Wind 1 project off the coast of Massachusetts, now poised to become the first major U.S. offshore wind farm.

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Avangrid to sell $4B in shares to Qatar Investment, Iberdrola