Engie Tries to Catch Peers With $14 Billion UK Power Grid Bet

After four years of taking a cautious approach to deals, Engie SA Chief Executive Officer Catherine MacGregor made her biggest acquisition yet with a £10.5 billion ($14.2 billion) bet on UK electricity grids.

With its purchase of UK Power Networks, Britain’s largest power-distribution operator, Engie is banking on rising demand from electric vehicle chargers to data centers. The deal gives the French utility a second growth pillar beyond its renewable and battery-storage assets, and was greeted enthusiastically by investors.