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Macquarie-led consortium to take over Green Investment Bank for £2.3bn

A consortium led by Macquarie has agreed to acquire UK’s Green Investment Bank (GIB) from the British government for £2.3bn.

The consortium, which includes Macquarie Group, Macquarie European Infrastructure Fund 5 and Universities Superannuation Scheme, will pay £1.7bn as transaction price and made funding commitments of about £600m for existing GIB projects.

Macquarie has also committed to maintain the green objectives of GIB, maintain the GIB brand, and retain GIB’s Edinburgh and London offices.

GIB independent chair Lord Smith of Kelvin said: “Macquarie has made significant and important commitments to the UK Government to maintain GIB as a discrete entity within its business, maintaining GIB’s investment focus and approach with a target to invest more capital each year than GIB has historically.”

The deal is expected to close in the first half of 2017, subject to regulatory approvals. Macquarie said that the acquisition will not affect its earnings and financial position. 

Macquarie Capital head of Europe Daniel Wong said: “By combining the Green Investment Bank with the largest infrastructure investor in the world, we will create a market leading platform dedicated to investment in the low carbon economy in the UK and beyond.

“We understand the responsibilities that come with this ownership, and we are fully committed to maintaining its green purpose as we grow the business.”

The UK government will retain assets worth £130m in GIB that it plans to dispose later.

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