Spanish power utility Iberdrola (IBE.MC) expects its 1.78 billion-euro ($2.4 billion) cash deal to buy Brazilian energy distributor Elektro (EKTR4.SA) to boost profits from the first year it takes over, it said on Thursday. Spain's biggest power utility, which announced the deal late on Wednesday, has long been looking to expand its operations in Latin America, where rapid economic growth contrasts with recession in its home market. Iberdrola already ranks as one of the largest power producers in Mexico and has a 39 percent stake in Neoenergia, the largest power distibutor in northeastern Brazil, whereas Elektro serves several municipalities in the southeastern state of Sao Paolo, the country's most populous and wealthiest region.
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