Engie entered into a definitive agreement to acquire 100% of UK Power Networks from CK Group for an Enterprise Value of €18 billion (£15.8 billion). The transaction includes the assumption of €6 billion in existing senior debt. This acquisition is a "generational" move for Engie, marking its largest capital deployment in over a decade. Strategically, the deal significantly increases the weight of regulated activities in Engie's EBITDA mix, providing a "hedge" against volatile commodity prices. The purchase price represents 1.5x the projected 2026 Regulated Asset Value (RAV), a premium justified by UKPN’s industry-leading operational performance and its role as a critical enabler of the UK’s "Net Zero" mandate. Financing involves a complex bridge of €5 billion in debt, a €3 billion accelerated equity placement, and a committed €4 billion disposal program to maintain Engie’s credit rating.

UK POWER NETWORKS, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.