Iberdrola has launched a takeover bid for the remaining 16.2% of Neoenergia’s share capital, aiming to reach full ownership of the Brazilian subsidiary. The group already holds 83.8% of Neoenergia.
The offer matches the price paid in the recent acquisition of a 30.29% stake from Caixa de Previdência dos Funcionários do Banco do Brasil, adjusted by Brazil’s SELIC interest rate. The total outlay is expected to reach around € 1,030 million, subject to interest adjustments and assuming no interim dividend payments.
Neoenergia supplies electricity to nearly 40 million people across five states and Brasilia through its distribution networks, and operates 18 transmission lines. The company’s infrastructure covers more than 725,000 kilometres of distribution lines and 8,000 kilometres of transmission lines, with 3,800 MW of renewable generation, primarily hydroelectric.
