MADRID (Reuters) - Spanish utility Iberdrola said on Friday it reached an agreement to buy 88% of British power network Electricity North West (ENWL) for 2.5 billion euros ($2.72 billion).

The deal values ENWL at around 5 billion euros, including debt, Iberdrola said.

($1 = 0.9184 euros)

(Reporting by Pietro Lombardi; editing by Sarah Young)