Iberdrola seeks EUR 1bn-EUR 1.5bn targets in several countries; signs confidentiality deal with WGL
Iberdrola [BME:IBE] is seeking to acquire energy assets in regulated businesses operating in stable countries like the US, and WGL Holdings [NYSE:WGL], a Washington-DC-based natural gas and energy provider, could be a target, Expansion reported. According to the item, which cited sources close to the Spanish energy group, the two companies have signed a confidentiality agreement.
Iberdrola is looking for targets valued at between EUR 1bn (USD 1.06bn) and EUR 1.5bn (USD 1.59bn) and WGL’s market capitalisation stood yesterday (29 November) at USD 3.85bn, the paper noted. The acquisition would be made through Iberdrola's Maine-based unit Avangrid [AGR (NYSE)], of which it controls 85%.
Unspecified sources told the Spanish-language paper that WGL is seeking a buyer and is ready to consider offers for some assets or the entire company.
Iberdrola also wants to grow in Mexico, Brazil, the UK and Spain, Expansion said.