Qatar Investment Authority to take $740mln chunk of US renewables firm Avangrid

Iberdorla will purchase approximately $3.26bln of stock

  
An electronic board displaying data is seen at the Doha Stock Exchange in Doha, Qatar January 6, 2021.

An electronic board displaying data is seen at the Doha Stock Exchange in Doha, Qatar January 6, 2021.

REUTERS/Ibraheem Al Omari
 

RIYADH: Renewable energy provider Avangrid said it would sell shares worth a total of $4 billion to both the Qatar Investment Authority (QIA) and Spanish Iberdrola Group for $ 51.40 a share.

QIA will buy shares worth $740 million and Iberdorla, the largest shareholder in Avangrid (based in Orange County, Connecticut, US), will purchase approximately $3.26 billion of stock, Asharq Business reported.

The deal is expected to close on Tuesday.

The Qatar Investment Authority last March also acquired 16 percent of the 53 million shares offered by Siemens Healthineers, through a private placement of $2.8 billion.

The fund is targeting deals in Asia, in an attempt to diversify its investment portfolio, which has a great focus and weight in America. Northern and Europe, Chairman Sheikh Mohammed bin Abdulrahman Al-Thani said in a previous interview with Bloomberg.

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