Qatar Holding will acquire a 6.2% stake in Spanish power utility, Iberdrola, The Wall Street Journal reports. The investment arm of Qatar’s sovereign-wealth fund will pay €2.02 billion for newly issued shares and for a small amount of already-existing treasury stock.
The Bilbao-based company seeks to use the proceeds from sale to fund its €2.1 billion acquisition of Brazil’s Elektro power distributor. Iberdrola is also canceling a previously announced capital increase to pay for a buyout bid of minority shareholders in its renewable-energy unit, Iberdrola Renovables.
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