MADRID, Spain – Spanish utility Iberdrola SA said Wednesday it will finance the acquisition of Energy East, a power supplier to the northeast United States, by issuing about 85 million new shares.

The transaction represents about 7 percent of the existing share capital, the company said in a statement.

Iberdrola announced its intention to buy Maine-based Energy East, parent of Central Maine Power, for 3.4 billion euros ($4.6 billion) in cash on Monday. The deal also includes the assumption of 3 billion euros ($4 billion) in debt.