UK's National Grid to sell further 20% stake in gas unit
Reuters
Published Jul 19, 2023 07:46
Updated Jul 19, 2023 07:56
(Reuters) - Britain's National Grid (LON:NG) said on Wednesday 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. ($1 = 0.7730 pounds)
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Written By: Reuters
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