PRESS: National Grid set for GBP5 billion gas asset sale - Bloomberg
Fri, 23rd Apr 2021 06:58
(Alliance News) - National Grid PLC has hired banks for the sale of a majority stake in its gas grid business, turning to the advisers that last month helped seal its biggest-ever acquisition, Bloomberg reported on Thursday.
Bloomberg said Barclays PLC, Goldman Sachs Group Inc and Robey Warshaw LLP will assist the London-listed utility on the sale of a stake that could be valued at up to GBP5 billion.
The banks have been helping National Grid with internal preparations for the sale, with a formal process yet to begin. A stake in the gas asset could attract large infrastructure funds and financial investors seeking steady and stable returns, according to Bloomberg.
Politicians are cashing in on the tech boom
Former British Prime Minister David Cameron
David Cameron’s work for Greensill Capital, which has dragged the British government into a high-profile lobbying scandal, has showcased the growing trend of politicians taking jobs at companies tapping the global tech investment boom.
The former prime minister, who resigned in 2016, is also chairman of the advisory board at artificial intelligence company Afiniti. Darktrace, the British cybersecurity company that filed to go public this week, counts former home secretary Amber Rudd on its advisory council, alongside the ex-head of intelligence agency MI5. Nick Clegg, former deputy prime minister, has worked at Facebook since 2018.
Role call: the former ministers who found private sector jobs Rob Davies and Georgina Quach
David Cameron’s lobbying efforts on behalf of his employer Greensill Capital have shone a spotlight on the often lucrative corporate work on offer to former cabinet members and junior ministers with valuable experience of government and a bulging contacts book.
While the former prime minister’s overtures to serving ministers are unusual in that they prompted an unprecedented formal inquiry, there is nothing new about senior politicians taking private sector jobs after they leave office. Indeed, some of Cameron’s closest allies and cabinet appointees have been among the most enthusiastic corporate jobseekers.
At Afiniti, Cameron sits alongside ex CEOs, the former Pakistani Ambassador to the U.S. and retired U.S. Navy Admiral Mike Mullen on the 17-member body, which doesn’t have any fiduciary duties. The company makes technology that it says can pair customers with the call-center workers most likely to solve their problems. Beatrice York, Queen Elizabeth II’s granddaughter, is listed as Afiniti’s vice president of partnerships and strategy.
Afiniti CEO Zia Chishti said the company benefits from a “diverse array of senior business and political leaders.” “Each one has made a significant mark in their field and I have great respect for their achievements,” Chishti said, adding on Cameron: “We value his contribution enormously and he has our full support.”
Former UK Prime Minister David Cameron in Greensill lobbying scandal
Former Tory Prime Minister David Cameron has been exposed for using his personal and political connections to lobby the government on behalf of financial services company Greensill Capital.
Greensill went into administration in March after the German regulatory authority filed a complaint about suspected balance sheet manipulation and several insurance groups withdrew their cover. The company was heavily exposed financially to GFG Alliance, run by Sanjeev Gupta, which also faces collapse.
Cameron resigned as prime minister in 2016 and became an advisor for Greensill in 2018. According to an investigation by the