Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

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

(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)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.