Spanish renewable energy developer Iberdrola (IBE.MC) sold a 10% stake in wind turbine maker Gamesa (GAM.MC), according to a Reuters report.
Morgan Stanley (NYSE: MS) placed the shares for Iberdrola at a price of EUR 16.10, which analysts said is at the bottom of the price range. Gamesa shares fell 6.4% on Tuesday to EUR 15.70 after a trading suspension was lifted.
Iberdrola stake reportedly sold for EUR 391.7 million, netting about 112 million for the company.
Iberdrola’s still holds 14% of Gamesa.
Analysts said Iberdrola was most likely trying to improve its financing. The company has EUR 34.2 billion in debt and previously announced plans to sell EUR 2.5 billion in assets this year.
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