Iberdrola (IBE.MC), Spain's biggest power utility, said on Thursday its 1.78 billion euros ($2.4 billion) acquisition of Brazilian energy distributor Elektro (EKTR4.SA) should boost profit from day one. Iberdrola has long been looking to expand its operations in Latin America where rapid economic growth contrasts with stagnation 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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