Australian investment manager Macquarie has joined forces with another shareholder to try to sell a combined ￡1.3bn stake in Cadent, the UK’s biggest gas network, as it prepares for the transition to renewable energy.
Macquarie currently owns 26 per cent of the business and is in early stage talks to sell a near 5 per cent stake, according to two people close to the discussions. Cadent runs about half of the UK’s eight local gas distribution networks, providing gas to 11mn homes and businesses in North West and East England, the Midlands and north London.
US-based Federated Hermes is looking to sell a 4.6 per cent stake, the people said. It currently owns 13 per cent of Cadent.
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