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National Grid PLC on Monday said it has satisfied all the conditions for the sale of a 60% equity stake in its UK gas transmission and metering business to a consortium comprised of Macquarie Asset Management, operated by Macquarie Group Ltd, and British Columbia Investment Management Corp.
It expects the £2.2 billion transaction to complete on or around January 31 next year.
The UK Competition & Markets Authority decided not to refer the transaction to a phase 2 investigation last month, after examining whether the deal would lead to a ‘substantial lessening of competition’ in the UK.
Following the transaction, National Grid would own a 40% minority equity interest in its gas transmission and metering business through a new holding company called ’GasT TopCo’. Additionally, National Grid would receive roughly £2.0 billion from additional debt financing at completion.
The sale is part of National Grid’s strategy to pivot towards electricity and follows last year’s acquisition of power-distribution company Western Power Distribution for £7.8 billion.
National Grid shares were 0.2% lower at 1,018.50 pence each on Monday morning in London.
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