Thu, 20 Apr 2017 | BUSINESS SALE
The government has sold its Green Investment Bank (GIB) to Macquarie Group, an Australian banking firm, in a deal valued at £2.3 billion.
Established in 2012, GIB was the world’s first dedicated green investment bank, designed to accelerate investment in the green economy.
Under the deal, the Treasury will secure £1.7 billion, with £600 million in liabilities to be taken on by Macquarie.
The government said the deal will secure “value for money for the taxpayer while ensuring GIB continues its green mission, free from the constraints of public sector ownership”.
GIB was set up to fund renewable and low-carbon projects and has invested around £800 million a year since it was established.
The government said the bank has been a “real success story”, attracting £3 of third party funding for every £1 it invests.
“It has shown, as it set out to do, that green investment can be both green and profitable. Having demonstrated its success, the government decided to move GIB into the private sector where it can continue its success on an even greater scale,” the government said in a statement.
Under Macquarie’s ownership, GIB will invest £3 billion over the next 3 years, exceeding GIB’s track record of committing £3.4 billion of investment since it was founded.
GIB will become the primary vehicle for Macquarie’s renewable energy investment in the UK and Europe, allowing the bank to expand internationally.
The deal, subject to approval, is expected to complete in two months.
Find professional and financial businesses for sale.
Subscribe to Business Sale Report here
2 x Lucrative Cafes & Food Kiosk Recently Departed from a Franchise in Cornwall. Well-Established and Longstanding. Ideal Coastal Location. Recently Renovated. Fantastic Reputation. Excellent Trade Throughout the Year. Offers invited.
LEASEHOLD
Flooring Specialists: Domestic, Contract, Rentals, HMO, Housing Associations, Ecclesiastic, Schools and New Build. Well-Established. Highly reputable with multiple years of repeat business. Over 25 years of experience in the field. Domestic and Comme...
LEASEHOLD
Blue Chip Client Base. Full Range of Display Systems. Limited Industry Competitors. Solid Platform for Growth. Offers invited.
LEASEHOLD
|
13
|
|
Sep
|
AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headqua...
|
12
|
|
Sep
|
Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE
Healthcare communication specialists, Lucid Group, has succe...
|
11
|
|
Sep
|
Controversial green energy firm goes bust and forced to appoint administrators | ADMINISTRATION
A small energy supplier providing green energy to 29,000 hou...
Sign up to receive our acquisition alert emails to get your FREE guide
|
23
|
|
Oct
|
Subsea training centre enters administration | ADMINISTRATION
The Underwater Centre in Fort William, Scotland has fallen i...
|
14
|
|
Mar
|
Ferry firm Red Funnel up for sale for £250m | BUSINESS SALE
Isle of Wight ferry operator Red Funnel has been put up for ...
|
22
|
|
Dec
|
Dong to sell 50% of offshore wind farm in £1.6bn deal | BUSINESS SALE
Clean energy firm Dong Energy is to sell 50 per cent of Race...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources