Iberdrola: £2.1bn acquisition in UK
(CercleFinance.com) - Iberdrola has signed an agreement to acquire 88% of Electricity North West (ENW) in the UK for £2.
1bn (E2.5bn). The transaction values 100% of the company, including debt, at around E5bn.
This acquisition is in line with Iberdrola's strategy of investing in electricity networks and in countries with a good credit rating, such as the UK (AA credit rating).
Since the merger with ScottishPower in 2007, the UK has been one of the company's main investment destinations, investing around £30bn (E36bn) over this period.
With this acquisition, the UK becomes Iberdrola's leading market in terms of regulated assets, valued at around E14bn, followed by the US (E13.3bn).
Ignacio Galán, Executive Chairman of Iberdrola, said: 'This transaction reinforces our commitment to invest significantly in electricity networks, which are an essential element in supporting the electrification and decarbonization of the economy. Thanks to this acquisition, our regulated grid asset base in the UK is now valued at E14 billion. Including the United States, these two markets now account for two-thirds of our total regulated assets worldwide'.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
1bn (E2.5bn). The transaction values 100% of the company, including debt, at around E5bn.
This acquisition is in line with Iberdrola's strategy of investing in electricity networks and in countries with a good credit rating, such as the UK (AA credit rating).
Since the merger with ScottishPower in 2007, the UK has been one of the company's main investment destinations, investing around £30bn (E36bn) over this period.
With this acquisition, the UK becomes Iberdrola's leading market in terms of regulated assets, valued at around E14bn, followed by the US (E13.3bn).
Ignacio Galán, Executive Chairman of Iberdrola, said: 'This transaction reinforces our commitment to invest significantly in electricity networks, which are an essential element in supporting the electrification and decarbonization of the economy. Thanks to this acquisition, our regulated grid asset base in the UK is now valued at E14 billion. Including the United States, these two markets now account for two-thirds of our total regulated assets worldwide'.
Copyright (c) 2024 CercleFinance.com. All rights reserved.