This content is from: Innovation

AEI To Sell Elektro For $2.38B

Spanish power utility, Iberdrola, will acquire Elektro Electricidade e Servicos for about $2.38 billion.

Spanishpower utility, Iberdrola, will acquire ElektroElectricidade e Servicos for about $2.38 billion, Financial Times reports. Ashmore Energy International (AEI) will sell 99.68% of the Brazilian company, which distributes electricity to the state of Sao Paulo, adds Bloomberg.

Elektro is likely to be integrated with Neoenergia, a subsidiary of Iberdrola in which it holds a 39% stake. Iberdrola will use cash in hand to pay for the acquisition.

Click here for the story from Financial Times.

Click here for the additional coverage from Bloomberg.

Related Content