Exclusive-Iberdrola plans UK smart meter unit sale, sources say [Yahoo! Finance]
IBERDROLA SA S/ADR (IBDRY)
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Source: Yahoo! Finance
Iberdrola is looking to raise around 1 billion pounds ($1.27 billion), one of the people said. The sources, speaking on condition of anonymity as the deal is private, cautioned that the sale process is at an early stage and no deal is guaranteed. The company is working with RBC as advisor on the deal, the sources said. Iberdrola and RBC declined to comment. The move comes as Iberdrola seeks to capitalise on an uptick in interest from infrastructure funds in such businesses. According to the 2023 accounts published on its website, ScottishPower, Iberdrola's subsidiary in the UK, manages over 2.5 million smart meters through its unit SP Smart Meter Assets Limited. Earlier this month, private equity firm EQT and Singapore's sovereign wealth fund GIC acquired a majority stake in Calisen while Arcus' Horizon Energy Infrastructure merged with KKR's Smart Metering Systems (SMS). Smart meters provide real-time information about electricity consumption for households and supplie
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