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...
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