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Macquarie, Allianz, Hermes – Acquisition of UK gas distribution stake

National Grid is to sell its remaining 25% stake in gas distribution company Cadent Gas to a consortium of infrastructure investors for GBP 1.2bn (a lower valuation than the consortium paid for its first stake in the asset). The UK electricity and gas grid operator is selling the stake to Quadgas Investments, which last year bought 61% of Cadent from National Grid for GBP 3.6bn. Quadgas is a consortium of Macquarie Infrastructure and Real Assets (14.5%), China Investment Corporation Holding (10.5%), Allianz Capital Partners (10.2%), Hermes Investment Management (8.5%), Qatar Investment Authority (8.5%), International Public Partnerships (4.4%) and Dalmore Capital (4.4%).