(Sharecast News) - Australian investment bank Macquarie Group is mulling the purchase of a controlling stake in the gas distribution operation of National Grid, it was reported on Friday.
According to Bloomberg, Macquarie had made a non-binding initial offer for a majority shareholding in the business, after National Grid announced its intention to sell the operation last year as part of its decarbonisation plans.

Bloomberg, citing "people familiar with the matter", said discussions were ongoing and no decisions had been made.

National Grid's UK gas transmission business was also attracting interest from the likes of APG Asset Management, IFM Investors, and the Canada-based Public Sector Pension Investment Board.

The business operates 7,000 kilometres of gas transmission pipes across the UK.

Under chief executive officer John Pettigrew, National Grid was transitioning to a net-zero carbon operation by 2050.

As part of that plan, it spent £7.8bn on Western Power Distribution last year, meaning its UK operation now consisted of 70% electricity assets and 30% gas.

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