Iberdrola has submitted a takeover bid for more than 16% of Neoenergia’s share capital, aiming to increase its stake from 83.8% to 100% and delist the Brazilian utility.
The company said it is offering 32.5 Brazilian reais per share, matching the price paid on 31 October 2025 for the PREVI stake of 30.29%, updated using Brazil’s SELIC benchmark interest rate. Iberdrola estimates a total outlay of about €1.03 billion before adjustments for SELIC movements and assuming Neoenergia does not pay an interim dividend. “The company said a total disbursement of around €1,030 million is expected before adjustment for SELIC movements and assuming Neoenergia pays no intermediate dividend,” according to the original statement.
Iberdrola said the transaction would simplify Neoenergia’s corporate structure, improve operational and financing flexibility and reduce costs associated with maintaining a stock market listing. The company added that the move reinforces its long-term commitment to Brazil and its focus on electricity grids, which account for 90% of Neoenergia’s business.
Neoenergia supplies power to nearly 40 million people through five distribution companies operating in Bahia, Rio Grande do Norte, Pernambuco, São Paulo, Mato Grosso do Sul and Brasília. It also operates 18 transmission lines and is present in 18 states and the Federal District, with more than 725,000 kilometres of distribution lines, 8,000 kilometres of transmission lines and 3,800 MW of mainly hydro-based renewable generation.
Iberdrola said it manages 1.4 million kilometres of transmission and distribution lines globally across the United States, the United Kingdom, Brazil and Spain.
