Iberdrola to Buy Stake in UK Power Network For £2.1 Billion
- Iberdrola agrees to buy 88% stake in Electricity North West
- Deal will make UK Iberdrola’s biggest market by asset base
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Iberdrola SA has agreed to acquire a majority stake in grid operator Electricity North-West, for £2.1 billion ($2.7 billion).
The deal to buy 88% of the company, from a consortium led by Kansai Electric Power Co. Inc, Equitix Ltd and Chinese state-backed CNIC, confirms an earlier Bloomberg report. The value of 100% the company, including debt, is £4.21 billion, Iberdrola said in a statement.