Engie to Acquire UK Power Networks for $14.2 Billion
By Elias Schisgall
Engie agreed to acquire the United Kingdom-based electricity distributor UK Power Networks in a deal with an equity value of 10.5 billion pounds, equivalent to about $14.2 billion.
The France-based utility company said Wednesday the deal has an enterprise value of about 15.8 billion pounds, representing about 10 times UK Power Networks' estimated 2027 adjusted earnings before interest, taxes, depreciation, and amortization.
The company is financing the acquisition with about 5 billion euros, equivalent to $5.9 billion, in debt and hybrid issuance, as well as a disposal program of about 4 billion euros by 2028.
The company also said it will raise up to 3 billion euros through an accelerated book building to support its investment grade rating.
Engie said the deal would expand its footprint in the U.K., which is expected to become its second-largest country of activity. It is expected to have an immediate positive impact on Engie's results and will be accretive in the first full year following closing, the company said.
"This transaction will both enhance the Group's growth trajectory and reduce our risk profile, providing more visibility on future earnings," Engie Chief Executive Catherine MacGregor said.
The deal is expected to close later this year. Engie was advised by Bank of America, BNP Paribas, and Rothschild & Co.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
February 25, 2026 15:48 ET (20:48 GMT)
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