French utility Engie has announced a significant acquisition, agreeing to purchase UK Power Networks from Hong Kong-listed CK Infrastructure Holdings for approximately £10.5 billion ($14.21 billion).
This deal, described as 'transformative' by analysts, marks Engie's largest acquisition to date and is expected to be immediately earnings accretive. The acquisition positions Britain as Engie's second-largest market and aligns with the country's net-zero targets by 2050, offering predictable, regulated revenue streams.
The news sent Engie's shares soaring by nearly 8% to a 17-year high, reflecting positive market reception. Engie plans to finance the deal through disposals of non-core assets, aiming for around 4 billion euros in divestments.
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