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Shares in French utility Engie
hit their highest since September 2009 on Thursday, after the company announced it would buy UK Power Networks from Hong Kong-listed CK Infrastructure Holdings for 10.5 billion pounds ($14.21 billion), its largest acquisition to date.
Shares were up 7% at 29.49 euros ($34.79) at 0838 GMT, heading for their biggest single-day rise since March 2022.
The acquisition is transformational for Engie, which was the only major utility without an electricity network in Europe, as countries push their transport and industrial sectors to electrify in an attempt to build out renewable power and use less oil and gas.
