Britain becomes largest market for Madrid-based group, which already owns Scottish Power
Iberdrola has won the contest to acquire UK power grid operator Electricity North West for about €5bn including debt, boosting the Spanish multinational’s presence in Britain. Madrid-based Iberdrola on Friday said it was acquiring an 88 per cent stake in ENW from three shareholders — Equitix, KDM Power and Chinese state-backed CNIC — for an equity value of £2.1bn. The deal will turn the UK into the Spanish group’s biggest market by regulated assets.
Once the ENW deal is completed, the value of its regulated asset base in the UK will rise to about €14bn, exceeding the €13.3bn it has in the US, the company said. The UK and US will together account for two-thirds of the company’s regulated assets, underlining the extent of its expansion beyond its Spanish home market. KDM Power, a consortium led by Japan’s Kansai Electric Power, will retain a 12 per cent stake in ENW once the deal is completed.
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