Iberdrola Snaps Up Brazil's Elektro For $2.4B

Law360, New York (January 20, 2011, 12:56 PM EST) -- Iberdrola SA said Thursday it would shell out $2.4 billion to acquire Brazil's Elektro Eletricidade e Servicos SA, a move the Spanish energy giant said was aimed at expanding its footprint in fast-growing electricity markets around the world.

Under the terms of the cash offer, Iberdrola will buy 99.7 percent of the Brazilian power utility from U.S.-based Ashmore Energy International, which has already agreed to the transaction.

The acquisition, which is expected to be accretive to earnings per share in the first year, still needs the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.