|
National Grid PLC on Tuesday said it completed the sale of a 60% equity interest 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. The London-based multinational electricity and gas utility company back in early December said it expected the £2.2 billion transaction to complete on Tuesday. The UK Competition & Markets Authority decided in November not to refer the transaction to a phase 2 investigation. Following the transaction, National Grid owns a 40% minority equity interest in the gas transmission and metering business through a new holding company called ’GasT TopCo’. Additionally, National Grid will receive roughly £2.0 billion from additional debt financing with the completion. The sale is part of National Grid’s strategy to pivot towards electricity and follows its 2021 acquisition of Western Power Distribution for £7.8 billion. National Grid shares were 0.6% lower at 1,026.50 pence each in London on Tuesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
