October 2025 top M&A deals in Brazil market

Spanish energy giant Iberdrola has agreed to acquire an additional 30.3% stake in Neoenergia, Brazil’s largest electricity distributor by customer base, for BRL 12 bn (USD 2.2 bn) from pension fund PREVI. The transaction will increase Iberdrola’s ownership in Neoenergia to approximately 83.8%. The move aligns with Iberdrola’s strategy to focus on regulated networks offering stable returns, consolidate its position in one of its four core markets, and capitalise on Brazil’s growing energy demand and clean energy transition.