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.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations