NGG - National Grid's gas unit stake draws interest from Macquarie - Bloomberg

Macquarie Group is weighing the purchase of a majority stake in National Grid's (NGG +0.1%) gas transmission business that could value the asset at more than $10B, Bloomberg reports. The asset also has attracted interest from infrastructure specialist IFM Investors, Canada's Public Sector Pension Investment Board and pension fund investor APG Asset Management, according to the report. National Grid's gas transmission business is one of the largest in the U.K. and includes a 7K km pipe network across the country, but the unit has come under increasing scrutiny from activists who oppose fossil fuels. National Grid is seeking to cut its greenhouse gas emissions to net zero by 2050, and its portfolio comprises 70% electricity and 30% gas following last year's deal to buy PPL Corp.'s U.K. electricity business.

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National Grid's gas unit stake draws interest from Macquarie - Bloomberg