Britain’s National Grid said it would sell a further 20% stake in its UK gas transmission and metering business to the existing majority owners, an investor-consortium led by Australia’s Macquarie Asset Management.
National Grid said the stake sale would be on the equivalent financial terms as when it sold a 60% stake to the consortium in January.
That deal had implied an enterprise value of about 9.6 billion pounds ($12.42 billion) for the unit, National Gas.
The sale, which National Grid expects to complete later this year, comes as the company is shifting its focus to electricity.
Source: Reuters.com