Iberdrola, a Spanish multinational electric utility giant is set to purchase an 88% stake in UK-based Electricity North West.

The equity value of this acquisition is a little over £2 billion. Iberdrola is to become the second-largest electricity networks operator nationwide.

Electricity North West or ENW is a UK electricity distribution network operator for close to five million people in the northwest region of England.

Iberdrola will buy the 88% stake from CNIC, Equitix Ltd and a consortium with leadership from Kansai Electric Power Co. Inc.

The Japanese Kansai-led investors consortium will maintain 12% of the electric utility company’s capital.

Per Iberdrola, Electricity North West is valued at around £4.3 billion in total when debt is included.

According to Iberdrola’s official website, the acquisition is in line with the electricity utility company’s investment strategy.

That is a strategy oriented toward securing acquisitions with strong credit ratings whether when considering the credit rating of a nation or electricity network.

The UK enjoys a double A credit rating, thus an example of why investments such as ENW offer so much appeal to Iberdrola.