Iberdrola has launched a takeover bid to acquire all remaining shares in its Brazilian subsidiary Neoenergia.
The company said the offer targets the 16.2% of Neoenergia’s share capital that it does not already control.
Iberdrola added that it has submitted the takeover documentation to the Brazilian Securities and Exchange Commission and the Novo Mercado segment of the Brazilian stock exchange B3.
The offer price is 32.5 Brazilian reais per share, adjusted by the official Brazilian SELIC interest rate and reduced by the extraordinary dividend declared by Neoenergia on 31 December 2025.
Iberdrola first announced the takeover bid on 24 November 2025 following its acquisition of a 30.29% stake in Neoenergia from Caixa de Previdência dos Funcionários do Banco do Brasil.
Neoenergia focuses around 90% of its business on electricity networks and supplies power to about 40 million people in Brazil.
The company operates five electricity distribution businesses across Bahia, Rio Grande do Norte, Pernambuco, Sao Paulo, Mato Grosso do Sul and Brasilia and also manages 18 transmission lines.
Neoenergia operates more than 725,000 kilometres of electricity distribution lines and 8,000 kilometres of transmission lines alongside 3,600MW of renewable generation, mainly hydropower.