Australian asset manager Macquarie is reportedly in the initial stages of exploring a potential sale of a portion of its stake in Cadent, the UK’s largest gas network, in conjunction with another major shareholder.
The combined value of the shares under consideration for sale amounts to £1.3 billion.
Macquarie currently holds a 26% stake in Cadent and is engaging in discussions with fellow shareholder Federated Hermes, which is purportedly looking to divest 4.6% of its 13% stake.
As the largest investor in UK infrastructure, Macquarie has progressively expanded its presence in the nation’s gas utilities sector in recent years.
Its initial acquisition of a stake in Cadent occurred in 2017, followed by a significant agreement to acquire a 60% stake in National Grid’s gas transmission and metering business in 2022.
A spokesperson for Macquarie Asset Management told Energy Live News: “Cadent plays a vital role in the UK’s energy system.
“We are a committed long term shareholder in Cadent and are supporting significant investment across the network to maintain the safe, secure and reliable supply of gas to 11 million homes and businesses.”
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