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Spain's Iberdrola Buys Brazilian Energy Distributor

Source: Reuters - Thu 20th Jan 2011

Spanish power utility Iberdrola said on Thursday its 1.78 billion euro purchase of Brazilian energy distributor Elektro would boost profit from the first year.

Iberdola bought the equivalent of 99.68 % of Elektro's capital from AEI, the investment vehicle controlled by UK investment company Ashmore Group, the company said on Wednesday.

In a presentation filed with Spain's stock market commission Iberdrola said the purchase would not be funded with equity and suggested several alternatives, including a mix of debt or the sale of assets plus the funds obtained from the recent securitisation of the tariff deficit.

Spain's biggest power utility is expanding in Latin America, where growth is near the fastest in three decades, as a recession in its homeland eats into revenue.

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