Spanish power utility, Iberdrola, will acquire Elektro Electricidade 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.
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