PARIS, France, Feb 26, 2026 (BSS/AFP) - French energy firm Engie said Wednesday it had signed an agreement to buy 100 percent of UK Power Networks electricity distributor for œ10.5 billion ($14.2 billion).

"This acquisition marks a major milestone in Engie's ambition to become the best energy transition utility," the firm said in a statement.

The acquisition of Britain's leading electricity distributor with 8.5 million customers will make it the company's second-largest country of activity, Engie said.

Engie is a private energy producer and distributor in France, with considerable renewable energy assets.

It said the acquisition of UK Power Networks "is an essential step in rebalancing its infrastructure activities toward regulated electricity networks."

It added the transaction will improve its growth and risk profiles via a higher share of regulated and predictable revenues and cash flows.

Engie said it expects the deal to close in mid-2026 subject to regulatory approvals, and that it would boost earnings within its first year.

The company said it plans to pay for the acquisition via a mix of debt, raising capital and asset sales.

Engie also published its 2025 results, which showed a 6.8 percent drop in net profits to 3.8 billion euros ($4.5 billion).