Renew Holdings has acquired Porter Brothers Holdings, the parent of extra-high-voltage cabling specialist PBU (UK), for up to £50m on a cash and debt free basis, the engineering services group said on 28 October 2026.
Why Renew Holdings plc (via Excalon Holdings Limited) is buying Porter Brothers Holdings Limited (PBU (UK) Ltd)
Renew said the deal adds specialist capabilities across the electricity transmission and distribution network and positions it to win a larger share of the £50bn to £60bn of investment committed across the RIIO-ED2 and ET3 regulatory periods.
“This acquisition represents an excellent strategic fit for the Group, adding complementary specialist capabilities to our already well-established position in the regulated energy market.”
Deal terms and financing
Initial cash consideration of £31.1m was funded from Renew's existing banking facilities, with up to £18.9m more payable if the vendors meet profit targets over three years. Renew expects the deal to be immediately earnings enhancing.
Regulatory approvals and timing
The acquisition has completed.
Market context
The deal follows Renew's earlier purchases of Emerald Power, Electricity Distribution Engineering Services and PWR-X within its Excalon business.
