Macquarie and British Columbia Investment Management, two investment firms, completed the acquisition of a 60% stake in the gas transmission and metering business of National Grid, an electricity and gas utility company, for £5.8bn. “The national transmission system is a critical enabler of the UK’s energy transition, providing the flexibility and reserve energy needed in the electricity system as the deployment of renewable sources of generation accelerates. However, if the UK’s net-zero by 2050 target is to be met, the country must have a next-generation transmission backbone to power homes and businesses with renewable energy. Backed by our significant investment, the transmission system will play a leading role in making the network ready for this transition. In doing so it will support the expansion of hydrogen’s role in the energy mix to deliver a competitive edge to the UK and its industry, while working closely with the Government and Ofgem to maintain security of supply,” Martin Bradley, Macquarie Head of EMEA Real Assets.