The energy group has completed a capital increase of nearly €3 billion, partly intended to finance the acquisition of the British distributor UK Power Networks. The French State did not participate in the operation, which was carried out through an accelerated private placement at €28 per share.
Engie has raised €3 billion in fresh capital through a capital increase aimed at contributing to the financing of the acquisition of UK Power Networks, an electricity network operator in the United Kingdom. The group placed 107,142,857 new shares, representing approximately 4.4% of the capital prior to the issuance, as part of a private placement via accelerated bookbuilding.
The shares were issued at a unit price of €28, representing a 3.2% discount compared to the last closing price before the announcement of the operation, on 27 February 2026. This relatively modest discount for such a transaction signals the market's positive reception of the acquisition and the potential it sees in the Engie case. The gross proceeds thus amount to nearly €3 billion, before deduction of commissions and expenses.
This capital increase was carried out with the removal of preferential subscription rights and without a priority period, on the basis of the authorization granted by the April 2024 general meeting. The new shares, immediately fungible with existing shares, will be traded under the same ISIN code on Euronext Paris and Brussels as well as on the Luxembourg Stock Exchange. Settlement and delivery are expected around 3 March 2026.
France did not participate in the operation
The French Republic, via the Agence des Participations de l'Etat, which holds 23.6% of Engie's capital, did not take part in the operation. Its share should thus mechanically decrease to around 22.7%. The identity of the subscribers has not been disclosed. The net proceeds from the operation are intended to partly finance the acquisition of UK Power Networks, which is expected to be finalized in mid-2026. This transaction, announced at the end of February, represents an investment of a little over €12 billion for Engie.
The entire financing has already been secured by a bridge loan granted by Bank of America and BNP Paribas. Engie specifies that this fundraising will help maintain its "strong investment grade" credit rating, in line with its financial commitments.
ENGIE is a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With more than 90,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to individuals, local authorities and businesses.
Every year, ENGIE invests on average EUR 12 billion to drive forward the energy transition and achieve its net-zero carbon goal by 2045.
The turnover achieved in 2025 amounts to EUR 71.9 billion. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Sustainable - Europe 120 / France 20, CAC 40 ESG, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select and Stoxx Europe 600 ESG-X).
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
