UK’s National Grid to sell further 20% stake in gas unit

Industry:    2023-07-20

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.

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