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The Macquarie Group and U.S. based Federated Hermes are considering a collective sale of their stakes in UK’s gas network operator Cadent worth 1.3 billion pounds ($1.64 billion), Reuters reported citing the Financial Times on Sunday.
Macquarie, owning over 26 per cent of Cadent, is discussing the sale of a 5 per cent stake, while Hermes, which owns 13 per cent, plans to sell a 4.6 per cent stake.
Despite the potential sale, both Macquarie and Federated Hermes affirmed their commitment to remain long-term investors while Macquarie confirmed no strategy change.
This news coincides with Britain’s plans to phase out natural gas usage to achieve net zero emissions by 2050.
