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Iberdrola ramps-up networks business through ENW acquisition
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Report summary
Iberdrola has agreed to acquire an 85.6% stake in Electricity North West (ENW), a UK power networks operator, for £1.7 billion (c.US$2.2 billion) in cash. Iberdrola will inject a further £400 million (US$513 million) after transaction close and increase its holding to 88%. Iberdrola has meaningfully bolstered its power networks business through this deal. The agreed purchase of ENW is a significant acquisition that has created the number two power networks operator in the UK behind National Grid, based on Regulated Asset Value (RAV). The acquisition is entirely in line with Iberdrola’s growth strategy and will deliver a meaningful uplift to its regulated asset base.
Table of contents
- Executive Summary
- ENW is a clear strategic fit
- The acquisition was in the UK
- Deal valuation appears reasonable
- Operational and financial synergies offer potential upside
- Are further acquisitions on the cards?
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