Iberdrola Moves to Take Neoenergia Private With R$32.50-Per-Share Offer

Overview

• Iberdrola filed a tender offer with Brazil’s CVM to buy the free float of Neoenergia at R$32.50 per share, a price to be updated from October 31 by the Selic rate.
• Iberdrola controls about 83.8% of Neoenergia after acquiring Previ’s 30.3% stake in October, leaving roughly 16.2% of shares targeted by the offer.
• Neoenergia shares jumped about 7% to R$32.22 with record trading volume of around R$1.3 billion following the filing.
• The process will run under Brazil’s revised OPA rules, which allow proceeding without an independent appraisal, with plans for registry conversion and B3 delisting.
• Iberdrola estimates a cash outlay near €1.03 billion before Selic adjustments and frames the move as part of a networks-focused strategy and continued commitment to Brazil.