EU Clears Acquisition of 4 UK Gas Networks
The European Commission said on March 17 that it has approved under the EU Merger Regulation the proposed acquisition of joint control over four gas distribution networks in the United Kingdom by UK-based Macquarie and National Grid.
These four regulated gas distribution networks are currently solely controlled by National Grid and are located in different areas of the UK. Macquarie is a global provider of banking, financial, advisory, investment and funds management services.
Macquarie controls Energetics, an independent gas transporter which provides gas connections, and Corona Energy, a company supplying gas and electricity primarily to commercial, industrial and public sector clients in the UK.
National Grid’s principal operations are the ownership and operation of regulated electricity and gas infrastructure in the UK, the Commission said, adding that it concluded that the proposed acquisition would raise no competition concerns with respect to either the market for gas connections where the parties’ activities overlap or any of the markets vertically linked with the four networks’ gas distribution activities.