HSF Kramer and Linklaters have landed lead roles in French power company Engie’s £10.5bn acquisition of UK Power Networks, Britain’s biggest electricity distribution company, from CK Infrastructure Holdings.
HSF Kramer is guiding Engie on the deal, which it said marked a milestone in its strategy to become the leading energy transition utility by strengthening its position in regulated electricity networks.
Linklaters is acting for CK Infrastructure, having been involved in another deal involving the Hong Kong-based company founded by billionaire business magnate Li Ka-shing in 2024, when it acted for HSBC as listing agent on the secondary listing of CK Infrastructure on the London Stock Exchange.
This time, the Linklaters team was led by London corporate partners Rob Cleaver, Henrietta White and Namrata Shah, supported by Hong Kong corporate partner Roger Cheng and London tax partner Chris Smale.
Meanwhile, HSF Kramer’s team was led by London corporate partner Caroline Rae, energy partner Silke Goldberg and Paris corporate partner Frédéric Bouvet. Bouvet has advised Engie on several matters in the past, including the sale and prior reorganisation of global multi-technical services provider Equans to Bouygues in 2022 for €7.1bn.
UK Power Networks is the largest electricity distribution company in the UK by number of customers, supplying 8.5 million households and businesses across London and the South East and East England.
Engie’s chief executive, Catherine MacGregor, said the acquisition of UK Power Networks “aligns 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”.
She added: “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 decarbonisation targets.”
The deal has an equity value of £10.5bn. Engie intends to finance the acquisition through €4bn of asset sales, new debt and a €3bn capital raising.
The deal is expected to complete in mid-2026. Bank of America, BNP Paribas and Rothschild & Co are acting as financial advisors to Engie on the deal.
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