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UK's National Grid to sell further 20% stake in gas unit

Published 19/07/2023, 07:46
© Reuters. FILE PHOTO: Electric power transmission pylon miniatures and National Grid logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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(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.

© Reuters. FILE PHOTO: Electric power transmission pylon miniatures and National Grid logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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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