Iberdrola has agreed to acquire 88% of Electricity North West (ENW) in the UK for an equity value of £2.1 billion (€2.5 billion).
ENW provides electricity to nearly five million people in North West England, including Manchester, Lancaster, and Barrow, and manages around 60,000 kilometres of distribution networks.
The transaction values the entire company, including debt, at approximately €5 billion (£42bn).
The company is now the second-largest operator of electricity networks in the UK.
Since its merger with ScottishPower in 2007, the UK has been a significant investment destination for Iberdrola, with investments totalling around £30 billion.
Following the acquisition, the UK became Iberdrola’s leading market by regulated asset base, valued at approximately €14 billion (£11.9bn), surpassing the US at €13.3 billion (£11.3bn).
Ignacio Galán, Iberdrola’s executive chairman, said: “This transaction reinforces our commitment to investing significantly in electricity networks, which are a critical component for supporting the electrification and decarbonization of the economy.”
