White & Case advises Iberdrola on €5 billion capital increase

Global law firm White & Case LLP has advised Iberdrola on the US law aspects of its €5 billion capital increase pursuant to Rule 144A and Regulation S under the US Securities Act.

White & Case acted as international counsel. The transaction was 3.8 times oversubscribed and the shares were subscribed for at a price of €15.15 per share. It is the largest equity offering in EMEA this year and one of the largest equity offerings in Spain in a decade.

The proceeds of the capital increase will principally be used to finance Iberdrola’s investment plan in electricity grids in the US and the UK.

Iberdrola is one of the world’s largest energy companies and a world leader in renewable energy sources, with a presence in both power generation and transmission networks in countries such as Spain, the US, the UK, Brazil and Mexico.

The White & Case team that advised on the transaction included partners Juan Manuel de Remedios (Madrid) and Michael Immordino (London & Milan) and counsel Bree Peterson (London). Uria Menendez acted as Spanish counsel to Iberdrola.

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