Yesterday Iberdrola closed the acquisition of 88% of the English electricity company Electricity North West (ENW), which has a total value of the company – 100% of the company including debt – which amounts to approximately 5 billion euros.
With this operation, the United Kingdom becomes the company’s first country by network asset base, with around 14,000 million euros, only behind the United States, where its subsidiary Avangrid is located. with 13.3 billion euros at the end of the first half of 2024.
Iberdrola and a consortium of Japanese investors led by Kansai –which will maintain the 12% of ENW capital– have signed a shareholders agreement to collaborate in the long term. The transaction is subject to review by the United Kingdom Competition and Markets Authority (CMA), in accordance with the regulations applicable to this type of transaction.
ENW is the company that It is located between the two Scottish Power distribution companies in Scotland and in Merseyside and Wales.
ENW distributes electricity to almost five million customers in the northwest of England, in cities such as Manchester, Lancaster and Barrow, and has 60,000 km of electricity distribution networks.
The acquisition accelerates Iberdrola’s commitment and growth in the networks business, making it the second regulated electricity transport and distribution company in the United Kingdom. From now on, Iberdrola It will distribute electricity to some 12 million people and will have more than 170,000 kilometers of networks. In addition, it will employ more than 8,500 people throughout the country.
The operation remains subject to review by the defense authority of the competition and markets (Competition and Markets Authority) of the United Kingdom in the terms provided for in the regulations applicable to energy network mergers in the United Kingdom.
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