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Market Chatter: Spain's Iberdrola Hires JPMorgan Chase for Sales to Fund U.S. Acquisitions

Spanish power firm Iberdrola (IBE.MC) has tasked JPMorgan Chase & Co (JPM.N) to sell some foreign renewable assets in a bid to bring in as much as 2 billion euros to help fund a purchase in the U.S., Reuters reported Monday, citing three unidentified sources.

The JPMorgan was asked to sell minority stakes in several assets including solar plants and mature wind farms, according to Reuters. The news agency said Iberdrola, seeking expansion outside its flagging domestic market, has possible interest in buying Louisiana electricity supplier Cleco Corporation ( CNL ) and Oncor, the distribution unit of Texas's biggest power firm.

Iberdrola was trading up 0.41% in Madrid at 5.57 euros per share, in a 52-week range of 4.23 - 5.77.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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