The group of investors which acquired a 50 per cent stake in network operator Electricity North West earlier this year have now agreed to buy the remaining half for an undisclosed sum.
The company had been owned by JP Morgan Asset Management and First State Investments since 2007.
The new owners comprise the infrastructure investor Equitix and a consortium led by the Japanese utility Kansai Electric Power Company. The Hong Kong-based investment firm CNIC has also now joined the group.
“We are a high performing organisation and I’m delighted that Equitix and the Kansai-led consortium are increasing their stake in the company, and that their confidence has attracted the additional commitment of CNIC,” said Electricity North West chair John Roberts.
“I am extremely proud of the contribution we make to the North West every day. This is down to the hard work, dedication and commitment of our people who continue to deliver industry-leading reliability and are set to enable the transition to a net-zero future across the region.”
Niall Mills, partner at First State Investments, said: “The signing of this agreement marks the end of our 12-year journey with Electricity North West. We are incredibly proud of the development of the business during this time and we believe Electricity North West is well positioned for future challenges ahead.”
Hugh Crossley, chief investment officer for Equitix, said: “We are delighted to be increasing our investment in Electricity North West, one of the UK’s premier distribution network operators.
“We are impressed by its commitment to outperformance, innovation and investment in the network and to providing an excellent service for its customers. As a long-term investor we are fully committed to supporting those aims for the benefit of all stakeholders.”