Overview
- Iberdrola has opened a public offer for the outstanding 16.2% of Neoenergia, which would lift its holding from 83.8% to full ownership.
- The bid is set at 32.5 Brazilian reais per share with a final amount updated by the SELIC rate until closing.
- The company estimates a cash outlay of about €1.03 billion before any SELIC adjustment and assuming no interim dividends at Neoenergia.
- Iberdrola says the transaction would streamline Neoenergia’s structure, increase operational and financing flexibility, and lower costs tied to maintaining a market listing.
- Neoenergia serves roughly 40 million customers across 18 states and the Federal District, with extensive distribution and transmission networks and about 3,800 MW of mainly hydro generation.