Iberdrola has published the documentation for a takeover bid to acquire all shares in its Brazilian subsidiary Neoenergia that are not currently controlled by the group. On 24 November 2025, the company launched a bid for the remaining 16.2% of Neoenergia’s share capital, a move that would give Iberdrola full ownership of the Brazilian business.
Iberdrola is offering the same price it paid for the 30.29% stake previously held by Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI), amounting to 32.5 Brazilian reais per share. The price will be adjusted according to Brazil’s official interest rate, known as SELIC, and reduced by the extraordinary dividend declared by Neoenergia on 31 December 2025.
Neoenergia focuses around 90% of its business on electricity networks and supplies power to about 40 million people in Brazil through five distribution companies located in the states of Bahia, Rio Grande do Norte, Pernambuco, São Paulo, Mato Grosso do Sul and Brasília, as well as 18 transmission lines.
The company operates in 18 states and the Federal District. Its infrastructure includes more than 725,000 kilometres of electricity distribution lines and about 8,000 kilometres of transmission lines. Neoenergia also has 3,600 MW of renewable generation capacity, mainly hydroelectric.
