Engie agreed to acquire UK Power Networks (UKPN), the main private operator of electricity distribution in London and parts of the south and east of England, for approximately £10.5 billion as part of Engie’s strategy to become a leading energy-transition utility.

The deal values imply about 1.5x UKPN’s Regulated Asset Value at end-March 2026 and around 10x 2027 EBITDA including unregulated assets.

UKPN operates roughly 192,000 km of power lines and serves about 8.5 million customers.

Completion is expected in mid-2026, subject to regulatory approvals and the sellers’ Hong Kong-listed parent company’s independent shareholders.

The coverage comes from Le Figaro via AFP, with more details to follow.

2025 results for the seller were flat and below expectations, though Q4 profit rose thanks to asset divestments in Kuwait and Bahrain.

A group of European and UK bank CEOs criticized regulatory complexity and potential divergence from US rules in a Times piece.

Engie reported stability in 2025’s energy market despite a dip in profits.

The French state owns about 24% of Engie, highlighting strategic interest in this deal.

Financing plans include roughly €5 billion in debt and hybrid issuance, up to €4 billion in disposals by 2028, and up to €3 billion in new equity via accelerated book building to support investment-grade credit.

The transaction is debt-and-equity financed, with about €5 billion of debt, up to €3 billion in new shares, and up to €4 billion of asset disposals through 2028.

Michel Giannuzzi will become Engie chairman in 2027, replacing Jean-Pierre Clamadieu who will step down, with an additional one-year extension for Clamadieu.