Proposed Sale of UK Power Networks Holdings to CK Infrastructure and Engie-Led Consortium

UK Power Networks sale agreed – what Eastern Power Networks just told the market

Eastern Power Networks plc, alongside London Power Networks plc and South Eastern Power Networks plc, has flagged a major change at the top. A consortium backed by CK Infrastructure Holdings, Power Assets Holdings, CK Asset Holdings and Engie S.A. has signed a share purchase agreement to acquire 100% of UK Power Networks Holdings Limited (UKPN).

These three operating companies are wholly-owned subsidiaries of UKPN, so this is a proposed change of ownership at the holding company level. There are conditions to completion and regulatory approvals are required. The parties expect to complete in mid-2026.

What exactly has been announced?

On 25 February 2026, the buyer consortium entered into a share purchase agreement (the SPA) to acquire all the issued share capital of UKPN. An SPA is a binding contract to buy and sell shares, but the obligations only kick in once specified conditions are met.

The RNS is clear: completion will only occur if those conditions are satisfied. The announcement does not set out the conditions in detail or specify the regulators involved. The expected completion timing is mid-2026, subject to those approvals.

Who is buying UK Power Networks?

The purchaser is a consortium comprising the following indirect, wholly-owned subsidiaries of their respective parents:

• CKI Number 1 Limited – CK Infrastructure Holdings Limited (CKI)
• Eagle Insight International Limited – CK Asset Holdings Limited (CKA)
• Devin International Limited – Power Assets Holdings Limited (PAH)
• Engie UK 2026 Limited – Engie S.A.

The deal covers 100% of UKPN. No purchase price, funding details or ownership split within the consortium were disclosed in this RNS.

Why this matters to Eastern Power Networks and its stakeholders

Eastern Power Networks plc, London Power Networks plc and South Eastern Power Networks plc are named because they sit beneath UKPN in the corporate structure. If the sale completes, their ultimate parent would change from the current owner to the new consortium.

The RNS does not suggest any changes to day-to-day operations, licences or customer arrangements at the subsidiary level. It is a holding company transaction. If you are following these companies for financing or governance reasons, note that no impact on capital structures, management or strategy has been disclosed.

Regulatory approvals and timing – the key execution risks

Completion is targeted for mid-2026, which gives a rough 4-6 month window from announcement to close. That is subject to regulatory approvals described as customary for this type of transaction.

Two practical watchouts:

• Approvals risk – If conditions are not met, the sale will not complete. The RNS does not specify the authorities involved.
• Timeline drift – “Mid-2026” is indicative. Approvals can take longer than expected, so the date may move.

The positives and the caveats

What looks positive

• Clarity of intent – A signed SPA means the parties have agreed transaction terms, subject to conditions.
• Named, well-capitalised parents – CKI, CKA, PAH and Engie S.A. back the purchaser entities, which signals financial heft behind the bid.
• Defined window – An expected mid-2026 completion gives stakeholders a planning horizon.

What is not disclosed or could be a concern

• Financial terms – No purchase price, enterprise value or funding structure is included in this RNS.
• Operational implications – No statement on strategy, capital investment plans or management changes at UKPN or its subsidiaries.
• Regulatory path – The specific approvals and conditions precedent are not detailed, so it is hard to assess the probability or timing of completion.

What to watch next

• Further announcements – Any follow-up RNS from Eastern Power Networks plc, London Power Networks plc, South Eastern Power Networks plc or UKPN providing detail on conditions or timing.
• Consortium disclosures – The CKI announcement may include additional context on the transaction. You can read CKI’s notice here: CKI announcement.
• Completion update – Confirmation if and when the conditions are satisfied and the transaction closes.

Quick facts from the RNS

Target company	UK Power Networks Holdings Limited (UKPN)
Stake to be acquired	100% of issued share capital
Buyer consortium	CKI Number 1 Limited, Eagle Insight International Limited, Devin International Limited, Engie UK 2026 Limited
Parent groups	CK Infrastructure Holdings Limited, CK Asset Holdings Limited, Power Assets Holdings Limited, Engie S.A.
SPA signing date	25 February 2026
Conditions to completion	Subject to conditions including regulatory approvals – not specified
Expected completion	Mid-2026 (subject to approvals)
Subsidiaries mentioned	Eastern Power Networks plc, London Power Networks plc, South Eastern Power Networks plc (all wholly-owned by UKPN)
Financial terms	Not disclosed

My take: sensible housekeeping RNS with bigger implications to come

This is a straightforward notification from the operating companies that their parent, UKPN, is set to change hands. It is not an operational update, and there are no financials to pore over here. The substance is that a credible buyer group has signed an SPA and is now running the approvals gauntlet.

For now, it is a waiting game. If you follow Eastern Power Networks plc and its sister companies, the next meaningful data points will be details on the conditions, any regulatory milestones and a final completion notice. Until then, assume business as usual at the subsidiary level, with the caveat that ownership could transition in mid-2026 if the approvals land as expected.