Mar 27, 2022
Macquarie to buy £4.2bn controlling stake in UK gas network
Macquarie has agreed to purchase a controlling stake in a critical part of the UK's gas network for £4.2bn and promised "Significant" investment to upgrade it for a green economy. The Australian group, the world's largest infrastructure investor, has teamed up with British Columbia Investment, one of Canada's largest asset managers, to buy a 60 per stake in National Grid's gas transmission and metering business. The consortium also has an option to buy the remaining 40 per cent stake from National Grid, the FTSE 100 company that controls the national electricity transmission network in the UK. The sale by National Grid will increase its weighting towards electricity and move away from fossil fuels, including gas. Macquarie already owns Cadent - which runs half of the eight local gas distribution networks after buying them from National Grid for £5.4bn in 2017, in a consortium of investors that include the Qatar and Chinese sovereign wealth funds. Maintaining the gas network adds about £9 to the average consumer's annual gas bill, according to Ofgem.
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