Energy
Engie Jumps After £10.5 Billion Deal to Buy UK Power Networks
A UK Power Networks van in London.
Photographer: Peter Dazeley/Getty Images
Engie SA shares rose as much as 7.6% after it agreed to buy the UK’s largest power-distribution network for £10.5 billion ($14.2 billion) from Hong Kong billionaire Victor Li’s CK Group.
The French utility will acquire UK Power Networks as it seeks to capitalize on an expected surge in demand from electric vehicles and data centers, and also diversify beyond domestic gas networks. The transaction, expected to close in mid-2026, will make the UK Engie’s second-largest earnings contributor after France, according to Chief Executive Officer Catherine MacGregor.