By Sacha Bleines and Kiseop Shim (Emylon Business School); Ishan Panchal (Monash University). Photo: Andrey Metelev (Unsplash) Overview of the deal Acquirer: ENGIE S.A. Target: UK Power Networks Holdings Limited Implied Equity Value: £10.5 billion (~$13.1 billion) Total Transaction Size: £15.8 billion (~$19.7 billion) Closed date: Expected mid-2026 (announced 24 February 2026; shareholder approval obtained April 2026) Target advisor: Linklaters (Legal) Acquirer advisor: Bank