Iberdrola acquires 88% of UK-based Electricity North West for $5.4bn
2024-10-24 17:17
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Wedoany.com Report-Oct 24, Iberdrola has closed the acquisition of an 88% stake in UK-based Electricity North West (ENW).
The agreement values the entire company, including debt, at €5bn ($5.4bn).
ENW is located in a key area for Iberdrola, between the existing ScottishPower network licence regions in central and southern Scotland and the regions of Merseyside in northwest England, and North Wales.
It delivers electricity to five million individuals across the northwest of England, including the city of Manchester and the Lake District, and manages 60,000km of distribution networks.
The acquisition aligns with Iberdrola’s strategy to bolster its network business in countries with good credit ratings such as the UK’s AA score.
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