A NEW company is set to take over a major part of the region's electricity network after a landmark sale.

Investors in Electricity North West (ENW) this week agreed to sell off a 50 percent stake in the firm, which is responsible for maintaining electrical infrastructure.

Infrastructure firm Equitix and a consortium of investors led by Japanese power firm Kansai Electric Power will now join First State Investments and JP Morgan Asset Management, companies which have owned ENW for more than 10 years.

The company has responsibility for transport power from the National Grid to around 5 million homes.

John Roberts, chair of ENW, said: “We are a high performing organisation and I’m delighted that First State Investments and J.P. Morgan Asset Management are showing ongoing confidence in and commitment to our Company. I’m also delighted to welcome the addition of the Kansai-led consortium and Equitix and look forward to working closely with them."