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Sovereign-Wealth Funds, Macquarie Buy Stake in National Grid’s U.K. Gas-Distribution Unit

A consortium led by Australia’s Macquarie Group Ltd. and including sovereign-wealth funds from China and Qatar on Thursday agreed to buy a majority stake in the U.K. gas-distribution business of National Grid PLC for about £3.6 billion ($4.56 billion)

The agreement marks the end of a year-long sale process and is part of the big London-based utility’s stated goal of focusing on higher-growth operations.

Completion of the deal, which is valued around £13.8 billion including debt, is subject to approval from the European Commission. It could serve as a possible test case for the U.K. government as the latest large foreign investment in U.K. energy infrastructure. In July, Prime Minister Theresa May signaled that she may ratchet up scrutiny of domestic businesses acquired by foreigners, saying the government should have the right “to defend” a sector of strategic importance.

John Pettigrew, chief executive of National Grid, said the consortium has been briefed on its legal obligations to provide a reliable gas service to consumers and added that the new owners have managed gas-distribution and utilities in the past and are now involved in significant infrastructure projects such as Heathrow Airport.

“The partners that are buying the business are absolutely committed to delivering a safe and reliable service,” said Mr. Pettigrew in a phone interview.

U.K. infrastructure investors are prominent members of the group that has agreed to buy 61% of the natural gas-distribution business. Together Hermes Investment Management, Amber Infrastructure/International Public Partnerships Ltd. and Dalmore Capital would own 17% of the gas-distribution operation. Australian’s Macquarie Infrastructure and Real Assets would be the single biggest owner within the consortium, owning 14.5%. China Investment Corp. would own 10.5%, followed by Allianz Capital Partners, which would hold 10.2%. Sovereign-wealth fund Qatar Investment Authority would hold an 8.5% stake.

Sovereign-wealth funds and other long-term investors are frequent buyers of utilities, toll roads and other large-scale infrastructure assets as these businesses typically generate steady cash flows that rise with inflation.

“We have been actively pursuing an investment in National Grid’s gas-distribution business in the U.K. for the past year,” said Peter Hofbauer, head of infrastructure at Hermes Investment.

In potential support of the National Grid transaction, the U.K. government approved in September construction of an £18 billion nuclear power station at Hinkley Point in southwest England. The Hinkley Point project is majority owned by Électricité de France SA, or EDF, a utility partly owned by the French state and a third of the funding for the project is coming from China General Nuclear Power Corp. In that transaction, though, the U.K. government added conditions, including that it would impose a new legal framework that would mean it can intervene in the sale of the controlling stake owned by EDF.

National Grid said it expects to complete the deal on or before March 31, 2017, after which it will own a 39% minority equity interest in the business. The utility expects to return at least 75% of the net proceeds to shareholders through a special dividend and use the remaining amount to buy back stock.

The U.K. gas-distribution business is the largest in the U.K., comprising four regional gas-distribution networks, servicing almost 11 million customers. National Grid’s U.K. business also includes a system of electricity- and natural gas-transmission facilities as well as operations in several U.S. states, including upstate New York, Massachusetts, New Hampshire, Rhode Island and Vermont.

The lagging profit performance of National Grid’s gas-distribution business underscores its decision to sell down its stake in the business. For the six-month period ended Sept. 30, the U.K. gas-distribution operation reported a 5.8% drop in adjusted operating profit from the year-earlier period. By comparison, the U.K. electricity- and gas-transmission businesses, as well as the U.S. operations each reported flat or year-over-year profit growth.

(인용: Ben Dummett and Neanda Salvaterra, 월스트리트저널)