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Canadian pension funds Ontario Teachers’ Pension Plan (OTPP) and Borealis are lining up a bid for National Grid’s gas distribution businesses, according to a report in the Sunday Telegraph.
The newspaper reported that the two funds have held early talks about tabling a bid for the businesses, valued at around £11bn.
The two pension funds both already hold 25 per cent stakes in SGN, a gas distribution business bought from National Grid in 2004. SSE, which owns the remaining 50 per cent, has also been tipped as a potential buyer of National Grid’s remaining gas networks.
National Grid announced plans to sell a majority stake in its remaining gas distribution businesses in November. The sale process is expected to start this spring and complete early next year.
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