Australian banking giant Macquarie has become the sole owner of Britain’s gas pipeline network after buying the remaining stake it did not already own.
A consortium led by Macquarie Asset Management has bought the remaining 20% in National Gas for about £700million in a deal with National Grid.
The transaction will complete at the start of next year, subject to government approval, according to The Times.
National Gas owns and operates Britain’s 4,700 miles of gas transmission pipes, which transport gas at high pressure around the country.
Macquarie owns a large slice of Southern Water, and several airports, including Aberdeen and Southampton. However, it's record has come under scrutiny as Thames Water struggles with debts that grew under Macquarie’s ownership between 2006 and 2017.
Andy Prendergast, of the GMB union, said that “Macquarie’s investment in and ownership of Thames Water was a disaster for the company. It left a national asset saddled with unpayable debts while shareholders pocketed massive dividends.
“The idea that they should be allowed anywhere near any other piece of key infrastructure is frankly ridiculous. The government must learn the lessons of the past and take all necessary steps to prevent another national treasure being looted.”
A spokeswoman for Macquarie said: “We are trusted as a steward of more than 175 essential infrastructure businesses globally, with a strong track record for supporting investment and helping to deliver operational improvements. This investment underlines our commitment to National Gas and our intention to support continued investment in its infrastructure.”
FTSE 100
The UK's flagship share index, the FTSE 100, was up 48-points, at 8,333, shortly after opening this morning.
Brent crude oil futures were up 0.51%, trading at $881.54 a barrel.
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