A CONSORTIUM led by Australia's Macquarie Asset Management has upped its stake in the National Grid's gas transmission business and plans to take full ownership "in due course".

Macquarie, along with British Columbia Investment Management Corporation, snapped up an additional 20 per cent in the gas business.

The investment takes the consortium's total ownership in the National Grid's gas transmission business to 80 per cent, after its 60 per cent acquisition completed in January.

"This additional investment underlines our commitment to National Gas and the critical role it plays in the UK's energy system," Martin Bradley, European head of infrastructure for Macquarie Asset Management, said.

"We are pleased to continue our strong relationship with National Grid, and aspire to acquire the remaining interest in due course," he added.

Trade union GMB said that Macquarie's "stranglehold" on the business "should send alarm bells ringing".

"Macquarie left Thames Water with massive debts that brought it to the edge of collapse," Gary Carter, GMB national officer, said.

The UK government launched a review under the National Security and Investment Act of the consortium's 60 per cent purchase of the gas business in August last year.

A spokesperson for the National Grid confirmed that the deal was cleared by the government in January, and said that the further 20 per cent would also be subject to clearance.

"As we don't expect the composition of the consortium to change... we do not foresee any material risks to the completion of the transaction," the spokesperson said.

(c) 2023 City A.M., source Newspaper