Spanish based power company Iberdrola reaches an agreement to buy the majority share (88%) of British company Electricity North West (ENW).
Any concerns of regulatory changes following the general election seem not to have hindered the deal which was agreed on 2nd August.
How significant is this for the UK?
The Global Practice Corporate Head advising the selling consortium, Jason Radford, highlighted the significance of the deal for the UK energy sector. ‘This isn’t about sitting there with a regulated utility clipping a very safe yield per annum. These companies need significant investment to enable them to build out their networks to respond to the ongoing electrification of the UK, and therefore to the ongoing needs of society when it comes to the transition to a net zero economy. It’s a growth opportunity now, in a way that it wasn’t seen as even as recently as five years ago.’
Who is Iberdrola?
Iberdrola isn’t new to large-scale acquisitions, or to the UK energy market. In 2007 Iberdrola merged with ScottishPower and has invested over 36 billion euro into its UK energy plans. The UK is now Iberdrola’s biggest market, surpassing its assets in the US. The current acquisition means it will be supplying electricity to 12 million people and creates 8,500 jobs in the UK.
Support for Mergers & Acquisitions in the UK
Mergers and acquisitions are hugely time intensive for any legal team handling the process. Consider outsourcing your incoming calls to a business with extensive experience managing calls within the legal sector. Allow us to handle your ringing phone, giving your skilled team the time to manage areas of your practice that really warrant their attention.
For more information on the tailored services we offer, talk to a member of our team today on 01273 741400
For more information on the Iberdrola acquisition, read the latter part of this article on legalbusiness.co.uk
