Revealed: secret name of consortium preparing £12 billion bid for National Grid distribution business - sources

Sunday, 30 October 2016, 1:22 pm

The £12 billion auction for National Grid's distribution business is hotting up and top M&A reporters are breaking stories left, right and centre.

Last week, for example, the Kleinmanator of Sky News published a good scoopette about how Hermes had joined a consortium of investors led by CIC, the Chinese state's sovereign wealth fund. Here is a link to Mark's piece:

So, that would effectively mean the last three remaining bidders for the National Grid assets are led by Chinese investors (according to all reports).

Well, people familiar got in touch to stress that CIC is only one member of the consortium, investing just 10pc of equity capital into the potential deal. The other members include Macquarie, Dalmore Capital, Allianz and Amber. Royal Bank of Canada is advising the consortium, according to people familiar.

These people also revealed to little old Betaville that the consortium's bidding vehicle is called - wait for it - the "Saxon Infrastructure Distribution Company".

Mmmmm - it sounds like this consortium really wants to differentiate itself from the other Chinese consortia despite the fact that CIC, the largest and most powerful sovereign wealth fund controlled by the Chinese government, is backing the bid. Good luck!..

[Disclaimer - the information on Betaville does not consitute any form of investment recommendation and is not intended to be relied upon by readers in making, or refraining from, any investment decisions].

Login to join the conversation