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Iberdrola to sell UK smart metering business to raise $1.27bn


Published on 2024-12-13 12:21:04 - MSN
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  • Spanish utility Iberdrola is exploring the sale of its smart metering business in the UK, with the aim of raising
  • 1bn ($1.27bn). The move comes amidst growing investor interest in the smart metering sector,

Iberdrola, a Spanish energy company, has agreed to sell its UK smart metering business to the private equity firm Vauban Infrastructure Partners for approximately 1.27 billion euros ($1.36 billion). This transaction is part of Iberdrola's strategy to divest non-core assets and focus on its primary electricity generation and distribution businesses. The sale includes the transfer of 1.6 million smart meters and related infrastructure, which Iberdrola had been developing since 2017. The deal not only helps Iberdrola to reduce its debt but also aligns with its broader goal to invest in renewable energy projects. The completion of the sale is expected in the second half of 2024, pending regulatory approval.

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[ https://www.msn.com/en-us/money/other/iberdrola-to-sell-uk-smart-metering-business-to-raise-1-27bn/ar-AA1vOvcg ]