Iberdrola has reached an agreement to acquire the stake of Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI) in Neoenergia, strengthening its position as majority shareholder. PREVI’s 30.29% holding will be purchased, giving Iberdrola control of about 84% of the company’s share capital.
The agreed price is 32.5 Brazilian reals per share, equivalent to a total consideration of 11.95 billion reals, or around € 1.88 billion.
Neoenergia supplies electricity to nearly 40 million people through five distribution companies in Bahia, Rio Grande do Norte, Pernambuco, São Paulo, Mato Grosso do Sul, and Brasília. The company also operates 18 transmission lines. Its network includes more than 725,000 km of distribution lines and 8,000 km of transmission lines, as well as 3,800 MW of renewable capacity, mainly hydroelectric.
The transaction is subject to regulatory approval and is expected to close in the coming months.
