National Grid to Sell Further 20% National Gas Stake for Around GBP700 Million
July 19 2023 - 3:04AM
Dow Jones News
By Joe Hoppe
National Grid said Wednesday that it has agreed to sell a
further 20% interest in its U.K. gas transmission business National
Gas to the existing majority owners, for total proceeds of around
700 million pounds ($912.5 million).
The U.K. electricity-transmission network operator said it sold
the stake to a consortium of long-term infrastructure investors led
by Macquarie Asset Management, on equivalent financial terms to the
original 60% transaction, completed in January.
The sale is expected to complete in the second half of 2023,
subject to regulatory conditions.
The company has further agreed on a new option to sell the
remaining stake, with the consortium able to exercise the right to
buy all or part of the last 20% on the same terms as the original
transaction between the beginning of May and the end of July
2024.
Following sale completion, National Grid said it intends to use
total proceeds of around GBP700 million toward general corporate
purposes including repaying debt.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 19, 2023 02:49 ET (06:49 GMT)
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