On March 27, 2022, Macquarie Asset Management and British Columbia Investment Management Corporation, collectively known as the Consortium, reached an agreement to acquire a 60% stake in National Grid’s gas transmission and metering business, valuing the business at approximately C$14.1 billion (£9.6 billion). National Grid manages the UK’s national gas transmission system and an independent metering business, crucial for the country's energy infrastructure.

The Consortium's acquisition, representing long-term institutional investors, will ensure the system's security and reliability while supporting the UK's shift from fossil fuels. They also secured an option to potentially acquire the remaining 40% stake under similar terms.

Key spokespersons highlighted the strategic importance of this investment. Martin Bradley of Macquarie emphasized the role of the transmission system in the UK's energy transition, particularly for renewable energy and hydrogen integration. Lincoln Webb from BCI noted the investment's alignment with their portfolio and its role in achieving the UK's net-zero emissions target by 2050.

John Pettigrew, CEO of National Grid, welcomed the partnership for its long-term commitment and experience in infrastructure management. The transaction, subject to antitrust and regulatory approvals, is expected to complete in the second half of 2022.