France’s Engie strikes deal to buy UK Power Networks for £10.5bn

Engie said deal was ‘major milestone’ in its ambition to become the ‘best energy transition utility’ Photograph: David Levene/The Guardian

A French utility has agreed to buy the owner of the electricity cables and power lines across London, the south-east and the east of England in a deal worth £10.5bn.

Paris-headquartered Engie said on Wednesday that it had struck a deal to buy UK Power Networks (UKPN) in a “major milestone” for the company’s ambition to become the “best energy transition utility”.