Spanish Iberdrola has acquired all issued ordinary shares of ScottishPower with approximately 52.3% in exchange for cash or loan notes and the remaining 47.7% in shares.

Ignacio Gal├ín, chairman and chief executive of Iberdrola, expressed his satisfaction at the closing of the transaction, which ‘marks the birth of one of the largest electricity companies in the world, a leader in renewables with an enterprise value of more than EUR 65B.’

The merged company has a combined installed capacity around 40GW, of which some 16,500MW comes from renewables including large hydro, and some 21.7M customers in Europe and the Americas.

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