ENGIE to acquire UK Power Networks from CK Hutchison Holdings for £10.5bn.

ENGIE, a multinational electric utility company, agreed to acquire UK Power Networks, an electricity networks company, from CK Hutchison Holdings, a renowned multinational conglomerate committed to innovation and technology, for £10.5bn. "The acquisition of UKPN represents a decisive step in strengthening ENGIE’s position as the best energy transition utility. It is fully aligned with our ambition to become a key player in regulated electricity network infrastructures, which are essential for energy security, demand electrification and greater system flexibility. This transaction will both enhance the Group’s growth trajectory and reduce our risk profile, providing more visibility on future earnings. It also enables us to reinforce our position in the United Kingdom, a key country with a stable regulatory framework and clear decarbonation targets. We are proud to join forces with UKPN’s talented teams as we embark on this new chapter together," Catherine MacGregor, ENGIE CEO.