September 29, 2022

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Macquire acquires UK Power Grid Management Company

Macquire acquires UK Power Grid Management Company

Macquire, an Australian conglomerate, has agreed to buy a majority stake in National Grid, the company that manages the UK’s national gas stage. The deal is expected to cost 4. 4.2 billion, or about 5 5 billion.

According to the Financial Times, the Australian group, which is the world’s largest investor in infrastructure, has partnered with British Columbia Investment, one of Canada’s largest asset managers, to buy 60% of the national stage capital.

The agreement predicts that the Macquire-led consortium will manage 7,660 kilometers of the gas supply network in the United Kingdom. The Australian Group has also pledged to make a “significant” investment in transforming the company into a green economy.

According to the British newspaper, the consortium maintains the option to acquire the remaining 40% of the capital at the national level, which is listed on the FTSE 100 and is also responsible for the supply of electricity in the country.

Following the British acquisition of the UK’s largest corporate power distributor, Western Power Distribution, a year ago, the deal will focus on National Grid’s operations in the electricity business.

The UK’s national gas grid is being transformed to accommodate new hydrogen technologies in a plan to make the country fossil – free by 2020.

“With the support of our significant investment, the organization will play a key role in preparing the stage for this transformation. In doing so, it will help expand the role of hydrogen in the energy mix to provide a competitive advantage to the UK and its industry,” said Martin Bradley, the Australian company’s head of assets in Europe.

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