Iberdrola
$IBE (+1,12 %) 🇪🇸 takes over 88 percent of the shares in the British grid operator Electricity North West (ENWL) 🇬🇧 for 2,5 billion euros.

ENWL is valued at around five billion euros including debt.

The takeover fits in with Iberdrola's focus on the grid business, while the business with renewables energies business is under pressure. ENWL supplies five million customers in Manchester, Lancashire and Cumbria.