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UK Regulator to Examine Acquisition of National Grid Stake by Consortium

By Joe Hoppe

 

The U.K. competition regulator said Tuesday that it is considering whether the acquisition of a 60% shareholding in National Grid PLC by Macquarie Infrastructure and Real Assets (Europe) Ltd. and British Columbia Investment Management Corp. could lessen competition.

The Competition and Markets Authority said it is considering whether the acquisition of the stake in the energy-infrastructure group, if carried out, will create a relevant merger situation, and if so whether it will substantially lessen competition in the U.K.

National Grid said in March that it will sell the stake in its U.K. gas-transmission business to the consortium for 2.2 billion pounds ($2.35 billion) in cash and GBP2.0 billion more in additional debt financing on completion.

The CMA said it has a deadline of Nov. 22 for its Phase 1 decision, and that it has invited comments on the acquisition from any interested party.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

September 27, 2022 02:43 ET (06:43 GMT)

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