Iberdrola completes €5bn acquisition of Electricity North West

Iberdrola has announced the completion of its acquisition of 88% of Electricity North West (ENW).

The deal values the company at around €5 billion (£4.1bn), including its debt.

This move is part of Iberdrola’s plan to strengthen its network business in countries with strong credit ratings, including the UK.

With this acquisition, the UK becomes Iberdrola’s main market for network assets, worth €14 billion (£11.6bn).

The US follows with €13.3 billion (£11bn) in assets.

ENW operates in a key area between Iberdrola’s other networks in Scotland and Merseyside.

It distributes electricity to nearly five million people in places like Manchester and the Lake District, covering about 60,000 kilometres of electricity lines.