ENW-Iberdrola
ENW: Sale of British distribution network operator to one of the world’s largest integrated utilities
ENW-Iberdrola
£4,500,000,000
Sale of an 88% stake to Iberdrola
Sole Financial Adviser
poWER | august 2024
In August 2024, Jefferies acted as Sole Financial Advisor to shareholders on the sale of an 88% interest in Electricity North West (‘ENW’) to Iberdrola for an equity value of €2.5 billion. The deal valued 100% of the company, including debt, at approximately €5 billion.
The deal will enable Iberdrola to distribute electricity to around 12 million people in the UK while employing more than 8,500 people. Jefferies conducted a competitive auction process—with a unique transaction structure, including a primary equity injection—during a challenging market environment during the UK general election.
Jefferies’ expansive role included conducting a strategic and capital structure review, designing a competitive sale process focused on the most credible and motivated buyers, developing marketing materials and a business plan with management and coordinating due diligence, and running a parallel equity subscription agreement to ensure the process moved rapidly from binding bids to signing.
Jefferies’ expansive role included conducting a strategic and capital structure review, designing a competitive sale process focused on the most credible and motivated buyers.
About ENW
ENW is a regional monopoly electricity distribution network operator (“DNO”). It distributes electricity to almost five million people in northwest England, in locations such as Manchester, Lancaster, and Barrow, and has approximately 60,000km of distribution networks.
About Iberdrola
Iberdrola is a global energy leader and one of the largest integrated utilities globally, with a market capitalization of over €78 billion as of May 13, 2024.
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