Global law firm Clifford Chance has advised long-standing client Iberdrola on its agreement to acquire 88% of Electricity North West (ENW) in the UK, for an equity value of £2.1 billion (€2.5 billion). The deal values 100% of the company, including debt, at approximately €5 billion.

With the completion of the deal, the UK will become Iberdrola’s leading market by regulated asset base, which is valued at approximately €14 billion, followed by the United States at €13.3 billion. Cliford Chance advised on the acquisition arrangements and a new shareholders’ agreement with a consortium of investors from Japan led by Kansai, who will retain 12% of ENW’s capital.

The multidisciplinary Clifford Chance team was led by M&A partners Nicholas Hughes and Graham Phillips with support from senior associates Mayowa Kalesanwo, Zoryana Sozanska-Matviychuk, Alistair Goble and associate Ola Popoola. Specialist support was provided by partner Sue Hinchliffe and counsel Chandralekha Ghosh.