Remaining 50% of Electricity North West sold to investors

0
795

ELECTRICITY North West has sold their remaining 50% stake in the company to investors composed of Equitix, a consortium led by Kansai Electric Power Co. Inc. and CNIC.

This announcement follows the July 2019 acquisition of a 50% stake in Electricity North West by a Kansai-led consortium and Equitix from institutional investors advised by First State Investments and J. P. Morgan Asset Management.

John Roberts, Chair of Electricity North West, said: “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.

“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.”

Electricity North West is ‘looking forward to working with the consortium to deliver the current price control which runs to 2023 and to create a plan for the next price control from 2023 to 2028.’

Hiroshi Nakajima, Managing Executive Officer, International Business and Cooperation Division at Kansai Electric Power Company, said: “We look forward to cooperating with all of the shareholders and to making a deeper contribution to Electricity North West.

“Presently we have succeeded in forming a long-term partnership structure. Kansai aims to develop a long-term and strategic collaboration with Electricity North West to create solutions that proactively address the current challenges to distribution networks.”

The deal, announced on 3 December, follows institutional investors following advice by First State Investments and J.P. Morgan Asset Management.

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.”