Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Macquarie Group Ltd    MQG   AU000000MQG1

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

Macquarie : Britain to sell Green Investment Bank to Macquarie in 2.3 billion pound deal

share with twitter share with LinkedIn share with facebook
share via e-mail
04/21/2017 | 10:29am CET

The British government said it will sell the Green Investment Bank (GIB) to a consortium led by Macquarie Bank (>> Macquarie Group Ltd) in a deal worth 2.3 billion pounds ($3 billion), which critics said failed to guarantee its future.

The British government said it will sell the Green Investment Bank (GIB) to a consortium led by Macquarie Bank (>> Macquarie Group Ltd) in a deal worth 2.3 billion pounds ($3 billion), which critics said failed to guarantee its future.

The Australian bank's purchase of GIB, which backs green projects with public funds, had been expected since a court rejected the claim of a rival bidder earlier this month, but it has been vehemently opposed by environmental groups and some UK lawmakers.

They say Macquarie will strip the bank of its assets, potentially diluting its purpose of investing in green projects.

The government set up GIB in 2012 as a commercial venture to spur private investment in green projects. It has invested more than 2 billion pounds in projects such as offshore wind farms and waste management.

The deal comprises a 1.7 billion pound price tag and approximately 600 million pounds in funding commitments for existing GIB projects.

The government has provided 1.5 billion pounds since 2012, meaning that the transaction price at the date of signing represents a 160 million pound premium on total government funding.

The government decided to sell a majority stake in 2015, saying that would give the bank more freedom to borrow, free it from state aid restrictions and allow it to attract more capital.


The consortium's structure - comprising Macquarie Group, Macquarie European Infrastructure Fund 5 and Universities Superannuation Scheme - includes a "special share" arrangement whereby GIB's mandate would be safeguarded by five independent trustees, Macquarie said.

Macquarie pledged on Thursday to invest 3 billion pounds in green energy projects over the next three years. There were no guarantees on GIB's headcount as part of the deal but Macquarie said it would continue to operate from offices in London and Edinburgh, managing more than 4 billion pounds of green infrastructure assets and projects.

Critics said the government had failed to guarantee the future for the GIB's green credentials and criticised it for a lack of transparency.

"Selling the Green Investment Bank is environmentally irresponsible, and on the eve of an election is politically dubious. The government clearly hopes to avoid parliamentary scrutiny," said Ed Davey, former Liberal Democrat Secretary of State for Energy and Climate Change, referring to a national election in Britain to be held on June 8.

Bankers close to the deal, who did not want to be named, said there was little an investor could do with the bank except sell its assets.

"The GIB loses money, with two offices it is hugely expensive and there are no synergies between the businesses it runs," said one.

Daniel Wong, head of Macquarie Capital, Europe, said the bank would stand by its commitments.

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

A spokeswoman for Britain's Department for Business, Energy & Industrial Strategy said Bank Of America Merrill Lynch [BAC.N] advised on the sale but declined to disclose its fee.

(Editing by Nina Chestney and Susan Fenton)

By Oleg Vukmanovic and Dasha Afanasieva

Stocks treated in this article : Bank of America Corp, Macquarie Group Ltd
share with twitter share with LinkedIn share with facebook
share via e-mail
03:18p MACQUARIE : General Electric to equip power plant in Mexico
01/18 AUSTRALIA AND NEW ZEALAND BANKING : ANZ Settles on Suspected Third-Party Fraud A..
01/17 MACQUARIE : Capital Appoints Michael Huerta as Senior Advisor
01/17 MACQUARIE : Capital appoints Michael Huerta as Senior Advisor
01/10 UGG sale highlights still strong Chinese appetite for European technology
01/10 MACQUARIE : improves price transparency in Singapore warrant market
01/03 TELSTRA : RES wins planning approval for Australian wind farm
2017 YEAR IN REVIEW : Aquarion litigation continues
2017 TOP STORIES : 2017 was a busy year!
2017 MACQUARIE : Acquires Shares of 7,688 Armstrong World Industries Inc
More news
News from SeekingAlpha
2017 REUTERS : Engie, Macquarie, Mubadala groups bid for Petrobras pipelines
2017 Macquarie Group's (MCQEF) CEO Nicholas Moore on Q3 2017 Results - Earnings Ca..
2017 Macquarie Group reports 1H results
2017 MACQUARIE : The Success Story In Trouble?
2017 Macquarie Group (MCQEF) Presents At EUROPE GRI 2017 - Slideshow
Financials ( AUD)
Sales 2018 10 653 M
EBIT 2018 3 334 M
Net income 2018 2 444 M
Debt 2018 -
Yield 2018 4,86%
P/E ratio 2018 14,48
P/E ratio 2019 14,03
Capi. / Sales 2018 3,26x
Capi. / Sales 2019 3,25x
Capitalization 34 768 M
Duration : Period :
Macquarie Group Ltd Technical Analysis Chart | MQG | AU000000MQG1 | 4-Traders
Technical analysis trends MACQUARIE GROUP LTD
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 101  AUD
Spread / Average Target -0,76%
EPS Revisions
Nicholas William Moore Chief Executive Officer, MD & Executive Director
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Operations Group
Alex Harvey CFO & Head-Financial Management Group
Justin Raoul Moffitt Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
CITIC LTD5.66%44 427
NATIXIS10.49%28 033
INVESTEC1.83%7 671