28 June 2019

Amber Infrastructure (‘Amber’), the Investment Adviser to International Public Partnerships Limited (‘INPP’ or the ‘Company’) notes that the Quadgas Consortium ('the Consortium'), of which INPP is a member has completed its full acquisition of the Cadent gas distribution network ('Cadent').

This follows the announcement at the time of the original acquisition (March 2017) that the Consortium had entered into a deferred agreement to acquire an additional 14% stake of Cadent and that made in May 2018 that a further deferred agreement for the residual 25% shareholding in Cadent had also been entered into by the Consortium. 

In aggregate, INPP now holds a 7.25% ownership interest in Cadent giving it the permanent right to appoint a board director. 

Cadent supplies gas to approximately 50% of the UK population through its monopoly ownership of its gas distribution network.  Key attributes of the investment include:

  • Predictable long-term low volatility cash flows;
  • The long life of the investment;
  • Strong levels of inflation linkage; and
  • The fact that Cadent's revenues are not dependent on commodity or demand risk and are insulated from market volatility.

Further details on the transaction can be found on INPP’s website here.

For further information:

Amber Fund Management Limited

Erica Sibree / Amy Joslin

+44 (0)20 7939 0558 / 0587

 

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