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Scottish Power

(SPI) - Get SPI Energy Co Ltd Report

has agreed to be acquired for more than $22 billion by

Iberdrola SA

, 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

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( 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.