has agreed to be acquired for more than $22 billion by
, the second-biggest power utility in Spain.
Scottish Power is the fifth-largest energy company in the U.K. In addition to its United Kingdom operations, it also runs power-generating and gas facilities in the U.S.
The merger is the latest in a consolidating European power market. Germany's
( EON) wants to buy Spain's
( ELE), and France's
( SZE) and Gaz de France are planning to join up.
Last year, Scottish Power rejected a takeover offer from E.ON.