Magic circle firms Clifford Chance and Linklaters have won roles on the £13.5 billion acquisition of National Grid’s gas arm by the Quad Gas Group consortium. Linklaters advised National Grid, led by corporate partner Roger Barron, who said of the deal; “This is a significant deal for the market and a good outcome for National Grid and its stakeholders…The deal also shows the confidence that investors, from around the world, have in UK infrastructure. Despite increased political risk, institutional international investors still view UK assets as attractive and this is likely to continue.”
The consortium will acquire 61 per cent of NG Gas Distribution. It is composed of CIC Capital, the Qatar Investment Authority, Macquarie, Allianz Capital Partners, Hermes Investment Management, Amber Infrastructure and Dalmore Capital. The consortium obtained legal advice from both Clifford Chance and CMS Cameron McKenna. The acquisition is expected to finalise in March 2017, provided that it obtains clearance from the European Commission.