Global Infrastructure SherpaEngie to acquire UK Power Networks from CK Group for £10.5 billion
GBP10.5B
Deal Value
operating
Stage
UK Power Networks
Project
Engie SA agreed to acquire UK Power Networks, the UK's largest power-distribution network, from CK Infrastructure Holdings Ltd., Power Assets Holdings Ltd., and CK Asset Holdings Ltd. (all part of CK Group) for £10.5 billion ($14.2 billion).
Counterparts (11)
Seller
C
CK Asset Holdings
CK Asset Holdings is a leading multinational conglomerate with diversified businesses, including a substantial global infrastructure and utility portfolio. The company focuses on acquiring and operating stable, cash-generating infrastructure assets, primarily in developed markets. Its strategy involves long-term investment in essential services such as electricity, gas, water, and energy management.
CK Infrastructure Holdings Ltd.
CK Infrastructure Holdings Ltd. is a leading global infrastructure company with a diversified portfolio of investments spanning energy infrastructure, transportation infrastructure, water infrastructure, and waste management. It focuses on acquiring and operating stable, mature assets that generate long-term, recurring cash flows across various developed markets, primarily in the UK, Australia, Continental Europe, and North America.
Power Assets Holdings Ltd.
Power Assets Holdings Ltd. is a leading global investor and operator in power and utility-related businesses. The company focuses on acquiring, developing, and managing a diversified portfolio of regulated and quality infrastructure assets, including electricity generation, transmission, distribution, and gas distribution, with a growing emphasis on renewable energy.
C
CK Asset Holdings Ltd.
U
UK Power Networks
UK Power Networks is a Distribution Network Operator (DNO) responsible for delivering electricity to 8.3 million homes and businesses across London, the South East, and East of England. The company focuses on operating, maintaining, and upgrading its electricity distribution network, facilitating new connections, and supporting the transition to a low-carbon economy through smart grid solutions and renewable energy integration.
Power Assets Holdings
Power Assets Holdings is a global energy and infrastructure investor and operator, primarily focused on electricity generation, transmission, and distribution, as well as gas distribution. It holds diversified investments in utility-related businesses across multiple continents, aiming for stable and recurrent returns from regulated assets.
CK Infrastructure Holdings
CK Infrastructure Holdings Limited is a leading global infrastructure company with diversified investments in energy, utilities, transportation, and waste management sectors. It focuses on acquiring and operating mature, stable assets that generate predictable cash flows across various developed markets worldwide, aiming for long-term sustainable growth.
financial advisor
Bank of America
Bank of America is a global financial institution providing comprehensive financial services, including corporate and investment banking, capital markets, and wealth management. In the infrastructure sector, it acts as a leading lender, financial advisor, and underwriter for project finance, M&A, and capital markets transactions across a broad range of sub-sectors globally.
Rothschild & Co.
Rothschild & Co is a global financial advisory group. They provide M&A, strategy and financing advice, as well as investment and wealth management solutions to large institutions, families, individuals and governments, worldwide.
BNP Paribas
BNP Paribas is a global financial institution that provides financing and investment solutions across various sectors, including renewable energy. They support the development and deployment of renewable energy projects through project finance, advisory services, and capital markets solutions.
Deal Analysis
Engie SA's announced acquisition of UK Power Networks from CK Group for £10.5 billion represents a significant transaction within the European utilities sector. UK Power Networks, as the UK's largest power-distribution network, offers Engie a substantial, regulated infrastructure asset. This move aligns with Engie's stated focus on accelerating the transition towards a carbon-neutral world, as power distribution networks are critical enablers of renewable energy integration and grid modernization, providing stable, long-term returns characteristic of essential utility infrastructure.
For the CK Group entities (CK Infrastructure Holdings Ltd., Power Assets Holdings Ltd., and CK Asset Holdings Ltd.), this divestment allows them to monetize a mature, large-scale asset. The deal's considerable value of £10.5 billion underscores the strategic importance and inherent value of regulated power distribution assets in a developed market like the UK. The involvement of major financial advisors such as Bank of America, Rothschild & Co., and BNP Paribas highlights the complexity and scale of this cross-border infrastructure transaction.
This acquisition solidifies Engie's position in a core European market, adding a robust, essential service asset to its portfolio. The utilities sector, particularly power distribution, is characterized by its regulated nature, providing predictable cash flows and often serving as a defensive investment. The UK market for such assets is mature and well-established, making UK Power Networks an attractive target for a global energy player seeking stable, long-term infrastructure investments.
- £10.5 billion valuation for the UK's largest power distribution network.
- Engie's strategic expansion into a core regulated utility asset in the UK.
- Divestment of a major infrastructure asset by the CK Group.
- Involvement of prominent financial advisors, indicating the deal's scale and complexity.
Timeline
Announced
Feb 26, 2026
Signed
Closed