PUBLISHER: Wood Mackenzie - Power & Renewables | PRODUCT CODE: 1528172
PUBLISHER: Wood Mackenzie - Power & Renewables | PRODUCT CODE: 1528172
Iberdrola has agreed to acquire an 85.6% stake in Electricity North West (ENW), a UK power networks operator, for Pound 1.7 billion (c.US$2.2 billion) in cash. Iberdrola will inject a further Pound 400 million (US$513 million) after transaction close and increase its holding to 88%. Iberdrola has meaningfully bolstered its power networks business through this deal. The agreed purchase of ENW is a significant acquisition that has created the number two power networks operator in the UK behind National Grid, based on Regulated Asset Value (RAV). The acquisition is entirely in line with Iberdrola's growth strategy and will deliver a meaningful uplift to its regulated asset base.