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Iberdrola Bids €2.5B For Renewables Unit

Spain’s Iberdrola has offered €2.5 billion to buy out minority investors in its renewables unit.

Spain’s Iberdrola has offered €2.5 billion to buy out minority investors in its renewables unit, Bloomberg reports. The Bilbao-based utility will be paying 0.499 share for each in its publicly traded Iberdrola Renovables unit.

The company will support an extraordinary dividend of 40% of the €2.978 value of the shares implied by the deal. In case, Renovables directors choose for the full dividend payment, Iberdrola will pay 0.299 of its own shares and may raise €246.6 million of new capital to finance the deal.

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