Press Release

Macquarie Asset Management acquires remaining interest in National Gas

London, 26 July 2024

Macquarie Asset Management, via its managed equity and funds, has today announced that it has exercised its option to acquire the remaining 20 per cent equity interest in National Gas held by National Grid.

National Gas owns and operates the UK’s 7,660-kilometre national gas transmission system, safely and reliably transporting energy to power stations, major industries and homes. National Gas also owns and maintains over 6 million domestic, industrial and commercial gas meters across the UK.

Following completion of this transaction, a consortium led by Macquarie Asset Management will own 100 per cent of National Gas. The acquisition of National Grid’s remaining 20 per cent interest in National Gas has been agreed on equivalent financial terms, following certain adjustments, to the consortium’s initial and follow-on investments in the company which were finalised in January 2023 and March 2024, respectively.

Will Price, Head of Utilities for Macquarie Asset Management in EMEA, said: “We would like to thank National Grid for its partnership over the past two years, during which time we have continued to invest in National Gas and supported the company’s ongoing role in delivering a safe and reliable supply of gas to domestic, commercial, and industrial energy users throughout Britain. This transaction underlines our commitment to National Gas and the critical role – which was emphasised again this month by both the Electricity System Operator and Ofgem – we believe its infrastructure will continue to play as the UK delivers its ambitious energy security and decarbonisation goals.”

Following the consortium’s initial investment and the creation of National Gas in January 2023, the company has remained focused on the delivery of its core services while progressing future-focused initiatives such as Project Union and FutureGrid. These initiatives aim to ensure the infrastructure operated by National Gas can be fully utilised in support of the UK’s transition to net zero through focused investment to develop a core hydrogen network.

The completion of this transaction is expected by Q1 2025, subject to the satisfaction of customary closing conditions and regulatory approvals.

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