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(Alliance News) - National Grid PLC on Monday said it has satisfied all the conditions for the sale of a 60% equity stake in its UK gas transmission and metering business to a consortium comprised of Macquarie Asset Management, operated by Macquarie Group Ltd, and British Columbia Investment Management Corp.
It expects the GBP2.2 billion transaction to complete on or around January 31 next year.
The UK Competition & Markets Authority decided not to refer the transaction to a phase 2 investigation last month, after examining whether the deal would lead to a "substantial lessening of competition" in the UK.
Following the transaction, National Grid would own a 40% minority equity interest in its gas transmission and metering business through a new holding company called 'GasT TopCo'. Additionally, National Grid would receive roughly GBP2.0 billion from additional debt financing at completion.
The sale is part of National Grid's strategy to pivot towards electricity and follows last year's acquisition of power-distribution company Western Power Distribution for GBP7.8 billion.
National Grid shares were 0.2% lower at 1,018.50 pence each on Monday morning in London.
By Tom Budszus; tombudszus@alliancenews.com
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