Iberdrola Makes $1.2 Billion Offer to Reach Full Ownership in Neoenergia

Dow Jones

Nov 24, 2025

By Adria Calatayud

Iberdrola said it is making an offer to buy shares it doesn't already own in Brazil's Neoenergia for about 6.395 billion Brazilian reais ($1.18 billion) in cash, with the goal of taking the company private.

The Spanish utility said Monday that it is offering the same price, adding interest and deducting potential dividends, as when it recently increased its stake in Neoenergia to 83.8%.

In September, Iberdrola launched an offer to buy Previ's 30% stake in Neoenergia for 32.50 Brazilian reais a share, or $2.2 billion in total.

Iberdrola said the latest offer and potential delisting seek to simplify Neoenergia's corporate and organizational structure.

A potential delisting will likely require Iberdrola reaching 90% ownership in Iberdrola, RBC Capital Markets analysts Fernando Garcia and Charlotte Mettyear wrote in a research note.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

November 24, 2025 08:57 ET (13:57 GMT)

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