Iberdrola is set to increase its stake in its Brazilian subsidiary, Neoenergia, to 98%, marking one of Brazil’s largest delisting deals, with a notably high acceptance rate.
The process follows a takeover bid initiated on 24 November 2025.
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The Spanish multinational purchased an additional 14.2% of Neoenergia shares at 33.77 reais each, totalling around 5.82m reais.
This price reflects the amount paid in October 2025 for a 30.29% stake in PREVI, adjusted for Brazil’s official SELIC interest rate and factoring in a special dividend announced by Neoenergia at the end of December 2025.
Additionally, Iberdrola may acquire the full share capital of Neoenergia by mid-2026 if the Brazilian company exercises its squeeze-out rights.
This deal ranks among Brazil’s largest delisting transactions and has achieved one of the highest acceptance rates in the nation.
Neoenergia delivers electricity to approximately 40 million people through five distribution companies across several Brazilian states including Bahia and São Paulo, and manages 18 transmission lines.
It leads the country in customer numbers, operating more than 725,000km of distribution lines and 8,000km of transmission lines, with a renewable generation capacity of 3,600MW, mainly from hydroelectric power.
This acquisition complements Iberdrola’s other moves this year, including the acquisition of the Ararat wind farm in Australia, selling its onshore generation business in France, divesting assets in Hungary and Spain, and expanding its solar venture with Norges by 650MW.
In February, Iberdrola completed the sale of its French onshore renewable energy portfolio to Technique Solaire.
The agreement involves transferring 118MW of operational wind assets along with a development pipeline of 639MW in onshore wind and solar photovoltaic projects.
This aligns with the Iberdrola Group’s strategy of concentrating investment in priority areas, particularly regulated networks and long-term contracted generation, and focusing on core markets such as the US and the UK.
