Engie has raised €3bn in fresh capital through a capital increase intended to help finance 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 pre-issue capital, in an accelerated bookbuilding private placement.

The shares were issued at €28 each, reflecting a 3.2% discount compared to the last closing price before the transaction was announced, on February 27, 2026. This relatively modest discount for such an operation signals the market’s approval of the acquisition, and the potential it sees in the Engie story. The gross proceeds thus amount to nearly €3bn, before deduction of commissions and fees.

This capital increase was carried out with the cancellation of preferential subscription rights and without a priority period, based on the authorization granted by the April 2024 shareholders’ 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 the Luxembourg Stock Exchange. Settlement and delivery are expected around tomorrow, March 3 2026.

France Did Not Participate in the Transaction

The French Republic, through the Agence des Participations de l'Etat, which holds 23.6% of Engie’s capital, did not take part in the operation. Its stake should therefore mechanically decrease to around 22.7%. The identities of the subscribers have 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 just over €12bn for Engie.

The entire financing has already been secured by a bridge loan granted by Bank of America and BNP Paribas. Engie notes that this fundraising will help maintain its “strong investment grade” credit rating, in line with its financial commitments.