Acciona has engaged the services of two investment banks to analyse all strategic options, including delisting, in relation to its 91% stake in Acciona Energía, the group’s renewable energy subsidiary. Among the various options available to Acciona is the possibility of launching a takeover bid for 100% of the subsidiary’s shares to delist it, as well as the potential introduction of a major shareholder, a sale to a third party, a spin-off, or a merger with the parent company or a third party. Also on the table is the possibility of doing nothing or a combination of some of the options already mentioned.
Analysis team’s view: this approach is nothing new. Acciona has been analysing the various strategic options for its stake in Acciona Energía for over a year, but has not taken any decision on the matter. A delisting takeover bid by Acciona for Acciona Energía would cost the parent company between €650 million and €700 million to acquire the 9% stake it does not yet control at current market prices. In recent years, Acciona Energía’s results have been negatively affected by lower electricity prices (operating EBITDA down 18% in 2024, 13% in 2025 and an estimated 5% for 2026) and the group has launched an asset sale plan to reduce its leverage. The management team has stated that all available strategic options are valid if they promote growth, keep debt under control, protect the group’s credit rating and contribute to creating value.
