Qatar Holding acquires 6% stake in Iberdrola
$2.6m share investment sees Qatar Holding LLC in Spanish partnership
Qatar Holding LLC has announced that it plans to acquire a 6.16 per cent stake in the Spanish utility Iberdrola through a share issue, for a total investment of $2.65m.
The two parties have signed a strategic memorandum of understanding, which sets the framework for collaboration in development of their respective business activities through a long-term strategic partnership.
With a focus on developing new business opportunities in different areas of the global electricity value chain, the firms have announced they will concentrate specifically on high growth and emerging markets with Iberdrola also intending to establish a regional headquarters in Qatar.
Commenting on the transaction, Mr. Ahmad Mohamed Al-Sayed, Managing Director and Chief Executive Officer of Qatar Holding, said: “We are pleased to announce this strategic transaction with Iberdrola, and look forward to a long-term partnership.”
“In addition to a strong, stable European franchise, our investment in Iberdrola provides significant exposure to other important global markets including Brazil, Mexico and the United States of America. As such, this investment represents a further step in our strategy of building a diversified portfolio of leading global enterprises.”