(Alliance News) - National Grid PLC has hired banks for the sale of a majority stake in its gas grid business, turning to the advisers that last month helped seal its biggest-ever acquisition, Bloomberg reported on Thursday.
Bloomberg said Barclays PLC, Goldman Sachs Group Inc and Robey Warshaw LLP will assist the London-listed utility on the sale of a stake that could be valued at up to GBP5 billion.
The banks have been helping National Grid with internal preparations for the sale, with a formal process yet to begin. A stake in the gas asset could attract large infrastructure funds and financial investors seeking steady and stable returns, according to Bloomberg.
Last month National Grid agreed to buy Western Power Distribution, Britain's largest electricity distribution business, for GBP7.8 billion from US energy giant PPL Corp. The group, which manages the UK's power infrastructure, also announced plans to sell the majority stake in its gas grid business, as it increases its focus on electricity.
https://www.bloomberg.com/news/articles/2021-04-22/national-grid-said-to-pick-banks-for-7-billion-gas-asset-sale?srnd=deals
By Will Paige; willpaige@alliancenews.com
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National Grid (NG.)