Why Avangrid Stock Jumped Today

Shares of Avangrid (NYSE: AGR) rose 13% on Thursday after the electric and gas utility and renewable energy provider announced that it has received a "take private" proposal from its majority stakeholder Iberdrola, S.A. (OTC: IBDSF).

In a press release earlier today, Avangrid announced it has received a non-binding proposal from electric utility giant Iberdrola to acquire all issued and outstanding common shares of Avangrid it doesn't already own for $34.25 in cash per share -- or a total of $2.49 billion. Iberdrola already owns around 81.6% of Avangrid's outstanding shares.

The offer values Avangrid represents a modest 6.8% premium from Avangrid's closing price yesterday.

Source Fool.com