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November 2025 Iberdrola Neoenergia tender offer: key facts

The November 2025 Iberdrola Neoenergia tender offer targets all remaining common shares to take Neoenergia private. Iberdrola filed the process on Nov. 24, 2025, with the intent to delist from Brazil’s B3.

Iberdrola Neoenergia tender offer price: 32.50 BRL

The offer is set at 32.50 brl per share, matching the price paid in the previ neoenergia stake sale. Moreover, the selic-adjusted opa price mechanism will update the cash consideration until settlement. Iberdrola estimates an outlay of around €1.03 billion, assuming no interim dividends. Additionally, the 32.50 brl per share anchor ties this OPA to prior transactions for pricing consistency. Consequently, investors should expect a selic-adjusted opa price at closing, subject to timing.

Timeline: stake build to OPA and market move

In September, the company completed the previ neoenergia stake sale, lifting its position to the iberdrola 83.8% stake level. Then, on Nov. 24, Iberdrola formally filed the OPA. Meanwhile, Neoenergia’s shares moved sharply on the announcement day.

Ownership path to 100% and delisting plan

Iberdrola currently holds an iberdrola 83.8% stake, leaving about 16.2% outstanding. The OPA seeks that remainder to reach full control and enable a neoenergia delisting b3. Therefore, the company aims to remove the stock from trading once the process is complete.

Market reaction: Neoenergia shares jump

Following the filing, Neoenergia rose more than 7.5% in early São Paulo trading to 32.40 reais. Notably, the move aligns the price with the offer’s reference level.

Why Iberdrola is pursuing the deal

According to company statements, the transaction is designed to simplify Neoenergia’s structure. It should also provide greater operational and financial flexibility. Furthermore, management cites lower costs tied to maintaining a market listing, reinforcing the case for a neoenergia delisting b3.

What’s next

Next comes the tender offer process at the selic-adjusted opa price derived from 32.50 brl per share. As a result, total disbursement will depend on timing and any interim dividends. If all remaining shares are acquired, Iberdrola plans to finalize a neoenergia delisting b3 and complete the transition to full ownership. Under the November 2025 Iberdrola Neoenergia tender offer, these steps would conclude the move started with the previ neoenergia stake sale.