© Reuters. The logo of Cadent gas company is seen on a van in Redbourn, Britain, September 23, 2021. REUTERS/Peter Cziborra/ File Photo
(Reuters) -Macquarie Asset Management and U.S.-based Federated Hermes are exploring the potential sale of a combined 1.3 billion pound ($1.64 billion) stake in UK gas network operator Cadent, a source close to the matter told Reuters.
The asset management division of Macquarie Group owns more than 26% of Cadent and is in early stage talks to sell a 5% stake while Federated Hermes is looking to reduce its 13% holding to 8.4%, the source said.
The proposed sale, first reported by the Financial Times, comes as Britain looks to phase out use of as part of efforts to achieve net zero carbon emissions by 2050.
Federated Hermes and Cadent did not respond to a request for comment outside office hours.
($1 = 0.7938 pounds)
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