National Grid to Sell Further 20% National Gas Stake for Around GBP700 Million

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)

Copyright (c) 2023 Dow Jones & Company, Inc.