Engie and Iberdrola to bid for UK’s ENWL
ENWL delivers electricity to about 5 million customers in Manchester, Lancashire and Cumbria.
Image for illustration purposes.
UK, London: Sources say French utility Engie could join Iberdrola and a group of investors in preparing bids for British power network Electricity North West Limited (ENWL) in the coming weeks. Among the investment and infrastructure firms working on potential offers are also Canadian investor Caisse de dépôt et placement du Québec (CDPQ) and a consortium of private equity firm KKR with Dutch pension fund APG.
Jefferies, which is advising ENWL’s shareholders on the sale, has requested the interested parties to submit indications of interest in the first weeks of May. Other bidders could line-up offers before the deadline, sources added.
A deal could value 100% of ENWL at around €4 billion. The company delivers electricity to about 5 million customers in Manchester, Lancashire and Cumbria. It is owned by a consortium of Japan’s Kansai Electric Power Co. (Kepco) and investment fund Equitix, both owning 40% of the stakes.
Source: Reuters
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