Iberdrola has today closed the acquisition of 88% of Electricity North West (ENW) in the UK. The deal values 100% of the company, including debt, at approximately €5 billion.
Geographically, ENW is located between the two existing ScottishPower network licence areas, in central and southern Scotland and Merseyside and North Wales. ENW distributes electricity to almost five million people in the North West of England, in locations such as Manchester and the Lake District and has approximately 60,000 km of electricity distribution networks. Iberdrola will now distribute electricity to around 12 million people in the UK, across a network which will span more than 170,000 kilometres. In addition, Iberdrola will employ more than 8,500 people in the country. Iberdrola and a consortium of investors from Japan, led by Kansai, which will retain 12% of ENW's capital, have signed a shareholders' agreement to collaborate on a long-term basis.
