Iberdrola, a Spain-headquartered electric utility and wind power developer, has completed the acquisition of ScottishPower, an international energy company. The transaction was valued at 17.1 billion euros, the companies say.
In November 2006, the two companies came to a merger agreement – in March, Iberdrola's shareholders approved the agreement. At that time, the merger was pending ScottishPower's shareholders' approval. The two companies now have a combined capacity of 40,000 MW, Iberdrola says.
In addition, Ignacio Galan, Iberdrola's chair and chief executive officer, has been appointed chair of ScottishPower. Jose Luis del Valle, Iberdrola's board member and director of strategy and development, will become ScottishPower's chief executive officer.