Spanish energy giant Iberdrola has succeeded in its bid to merge two companies in which it had significant participation, Elektro and Neoenergía, whose merger has resulted in the largest electricity company in Brazil, and the largest in Latin America in terms of number of customers, with 13.4 million. The merged outfit will provide service covering a population of over 43 million people, compared to the 18 million people served by Iberdrola in it’s home country.
The president of Iberdrola, Ignacio Sánchez Galán, stressed that this agreement creates the largest electric utility in Brazil and Latin America, which reinforces the company’s commitment to “contribute to Brazilian energy development.” The integration of these two subsidiaries was a scenario that Iberdrola had explored since the acquisition of Elektro, back in 2011.
The transaction must be approved by the general shareholders’ meetings of Neoenergia and Elektro and is pending, as is common for these operations, the approval from Brazilian competition regulator CADE and energy regulator ANEEL.
Full Content: Libre Mercado
Want more news? Subscribe to CPI’s free daily newsletterr for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI