M&A Deal Summary

British Columbia Investment Management and Macquarie Capital Acquire National Grid - Gas Transmission & Metering Business

On March 27, 2022, asset manager British Columbia Investment Management and private equity firm Macquarie Capital acquired energy services and equipment company National Grid - Gas Transmission & Metering Business from National Grid for 9.6B GBP

Acquisition Highlights
  • This is British Columbia Investment Management’s 1st and Macquarie Capital’s 4th transaction in the Energy Services and Equipment sector.
  • This is British Columbia Investment Management’s and Macquarie Capital’s largest (disclosed) transaction.
  • This is British Columbia Investment Management’s 5th and Macquarie Capital’s 7th transaction in the United Kingdom.

M&A Deal Summary
Date 2022-03-27
Target National Grid - Gas Transmission & Metering Business
Sector Energy Services and Equipment
Buyer(s) British Columbia Investment Management
Macquarie Capital
Sellers(s) National Grid
Deal Type Divestiture
Deal Value 9.6B GBP

Target

National Grid - Gas Transmission & Metering Business

London, United Kingdom
National Grid's Gas Transmission & Metering Business owns and operates regulated national gas transmission system and independent gas metering services.

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Buyer(S) 2

Buyer

British Columbia Investment Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1999
PE ASSETS 21.9B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.

DEAL STATS #
Overall 18 of 19
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 5 of 5
Year (2022) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-07 Reden Solar

Roquefort-sur-Soulzon, France

Reden Solar is an independent producer of renewable energy of photovoltaic origin, which focuses on the development, construction, and operation of photovoltaic power plants in France and abroad. Reden Solar operates PV power generation plants in France, Southern Europe, and Latam. Reden Solar was founded in 2008 and is based in Roquefort-sur-Soulzon, France.

Buy €2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-26 Costa

Docklands, Australia

Costa is a producer, marketer and exporter of high-quality fresh fruit and vegetables. Costa is a full-service grower, packer, shipper, marketer, importer and exporter. Costa was founded in 1888 and is based in Docklands, Australia.

Buy AU$1.5B
Buyer

Macquarie Capital

Investor Investor

Category Private Equity Firm
Size Mega
Type Sector Agnostic
DESCRIPTION

Macquarie Capital is the principal investing arm of financial services company Macquarie Group. Macquarie Capital has global capability in advisory, capital raising services, and provides clients with specialist expertise, advice and flexible capital solutions across a range of sectors and products including investing alongside partners and clients. Macquarie Capital is based in Sydney, Australia.

DEAL STATS #
Overall 27 of 29
Sector (Energy Services and Equipment) 4 of 5
Type (Divestiture) 4 of 4
Country (United Kingdom) 7 of 7
Year (2022) 4 of 4
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-07 Reden Solar

Roquefort-sur-Soulzon, France

Reden Solar is an independent producer of renewable energy of photovoltaic origin, which focuses on the development, construction, and operation of photovoltaic power plants in France and abroad. Reden Solar operates PV power generation plants in France, Southern Europe, and Latam. Reden Solar was founded in 2008 and is based in Roquefort-sur-Soulzon, France.

Buy €2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-12 Ceres

Brentwood, Tennessee, United States

Ceres is a terminal owner and operator provide customers with reliable high-quality cargo handling services through terminal operations 24/7. Ceres was founded in 1958 and is based in Brentwood, Tennessee.

Sell -

Seller(S) 1

SELLER

National Grid

London, United Kingdom
Category Company
Founded 1990
Sector Energy Services and Equipment
Employees31,425
Revenue 19.9B GBP (2024)
DESCRIPTION

National Grid is an electricity and gas company that connects consumers to energy sources through its networks. National Grid was founded in 1990 and is based in London, the United Kingdom.

DEAL STATS #
Overall 7 of 7
Sector (Energy Services and Equipment) 2 of 2
Type (Divestiture) 5 of 5
Country (United Kingdom) 3 of 3
Year (2022) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-22 National Grid - Rhode Island Utility

London, United Kingdom

National Grid's Rhode Island Utility is a provider of Utilities services in London, United Kingdom.

Sell -
Mergr

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