Qatar Holding buys 6.17% of Iberdrola
Qatar Holding LLC and Spain's Iberdrola, S.A. have announced today that they had signed a Strategic Memorandum of Understanding setting forth the framework for collaboration in developing their respective business activities through the establishment of a long-term, mutually beneficial, strategic partnership.
The two parties will cooperate for the purpose of developing new business opportunities in different areas of the global electricity value chain with a focus on high-growth and emerging markets. Iberdrola also intends to establish its regional Headquarters as well as research and development operations in Qatar.
Additionally, Qatar Holding through its wholly-owned subsidiary has fully subscribed to the 6.17% capital increase approved by the Board of Directors of Iberdrola for a total investment amount of €1,906 million. The issue price is €5.633 per IBERDROLA share. Further, Qatar Holding through its wholly-owned subsidiary has agreed to acquire treasury shares representing 0.37% of the share capital of Iberdrola pre-increase, at the same price per share for a total purchase amount of €115 million. Consequently, Qatar Holding through its subsidiary will hold 6.16% of the share capital of Iberdrola outstanding after the capital increase. The cash inflow from the capital increase will allow Iberdrola to strengthen its financial position and pursue corporate transactions such as its proposed merger with Iberdrola Renovables, S.A., the acquisition of Elektro Electricidade e Servicios, S.A. in Brazil, and other growth opportunities.
- Oman’s Duqm tourist complex moves forward with government approval
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue