Jun 30, 2019
National Grid sells Cadent to CIC-backed group
A consortium that includes China's main sovereign wealth fund has completed the purchase of the UK's largest gas distribution network from National Grid, at a time when national-security concerns over matters of critical infrastructure are on the rise. The £2bn divestment of National Grid's remaining stake in Cadent, which sends gas to around 11 million UK homes and businesses, will see the Quadgas consortium - led by China Investment Corporation and the infrastructure arm of Australian investment bank Macquarie - take control of the final part of the business, after buying a 61 per cent stake three years ago. National Grid declined to comment on national-security matters. Consumer group Citizens Advice has complained of what it calls "Eye-watering" and "Unjustified" profits, with network distribution costs making up a large part of the average household energy bill. National Grid said option price mechanisms for the deal were set in March 2017.
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