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Home» About Macquarie Group» News & announcements» Archive 2004» Sale of Wales and the West Distribution Network position

News & announcements

Sale of Wales and the West Distribution Network position

19 November 2004

Macquarie Bank Limited today advised it had sold, and recovered its costs relating to, a 14 per cent entitlement of Wales & the West Gas Distribution Network (DN) in the UK to original consortium co-investors, which included Challenger Financial Services Group Limited.

The Bank’s remaining 3 per cent position in DN will be sold following completion of the transaction, which is scheduled for mid-2005.

Macquarie Bank formed part of a consortium which in August 2004 purchased DN for £1.2 billion. It announced it would contribute £67 million ($A172 million) for its 17 per cent equity position and would sell down its position to investors on, or prior to financial close.

For further information, please contact:

Erica Sibree
Investor Relations
Macquarie Bank Limited
Tel: (612) 8232 5008
Mobile: (614) 1302 6309

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