Equitix and partners agree to sell majority interest in Electricity North West

On 2nd August 2024, following an in-depth strategic review of the business, the Equitix Consortium have agreed to sell an 88% interest in ENW to Iberdrola S.A., via share sale and cash capital increase. Equitix has exited in full.

Covering rural Cumbria through to urban Greater Manchester, the second largest urban area in the UK, ENW represents approximately 9.2% of Britain’s electricity distribution and consumer base.  Regulated by Ofgem, under the Distribution Future Energy Scenarios as defined by National Grid, ENW will be one of the fastest growing DNOs by electricity demand by 2030, underpinning the need for network investment to facilitate the electrification of heat and transport in the UK.

Equitix CEO, Hugh Crossley said:

“This transaction is of great significance to Equitix and we’re incredibly proud of our history with ENW, delivering operational outperformance and enhanced value for our investors.  ENW will be in safe hands to continue to deliver power and decarbonise the electricity system. Equitix will continue to explore opportunities to deliver and invest in the green transition and broader infrastructure in the UK and beyond.”

In 2019, the Equitix Consortium acquired the business from First State Investments and JP Morgan Asset Management.

In 2023, the shareholders, advised by Jefferies, began a strategic review of the business, including an analysis of the future capital requirements needed to deliver on the next stage of growth for achieving net zero.

Equitix welcome Iberdrola S.A. as new shareholders who are well placed to invest in the company’s immense growth trajectory.

Equitix were also advised by Ashurst (Legal services).

Congratulations to all our team on this significant transaction, particularly, Aisha Hamid, Peter O’Flaherty and Francesco Franchi Zerbini.