Herbert Smith Freehills Kramer Advised ENGIE S.A. on Its £10.5 Billion Acquisition of UK Power Networks Holdings Limited

Herbert Smith Freehills Kramer Advised ENGIE S.A. on Its £10.5 Billion Acquisition of UK Power Networks Holdings Limited

Herbert Smith Freehills Kramer advised ENGIE S.A. on the acquisition of UK Power Networks Holdings Limited (UKPN), a leading electricity distribution operator in the UK, from CK Infrastructure Holdings Limited, for an equity value of £10.5 billion.

UKPN operates three electricity distribution licences in London, South-East England and East England, overseeing a network of approximately 192,000 kilometres. This acquisition marks a major milestone in ENGIE’s ambition to become the best energy transition utility, by strengthening its position in regulated electricity networks.

The acquisition, which is subject to customary regulatory approvals as well as approval by the shareholders of the Hong-Kong listed parent companies of the sellers, is due to complete in mid-2026.

Frédéric Bouvet, Head of Corporate/M&A in Paris commented: "We are delighted to be supporting our long-standing client ENGIE on this landmark acquisition which will bolster their presence in the UK market and strategically pivot the group's infrastructure activities towards regulated electricity networks."

The Herbert Smith Freehills Kramer team was led by Frédéric Bouvet (Partner/ France), Caroline Rae (Partner/ London) and Silke Goldberg (Partner/ London), with support from UK head of Competition/Antitrust, Regulation and Trade Veronica Roberts (Partner), Chris Davis (Counsel) and Faria Ali (Senior Associate) and Kurt Fisher (Senior Associate).

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