MQBKY - National Grid sale of key gas network faces U.K. national security review - FT

National Grid's ( NYSE: NGG ) March sale of a 60% stake in its U.K. gas transmission business will be reviewed by the U.K. government on national security grounds, Financial Times reported on Sunday.

Ministers will review the deal under the National Security and Investment Act, new rules that came into force at the beginning of this year that ramped up scrutiny on foreign takeovers.

National Grid ( NGG ) agreed in March on the sale to a consortium comprised of Australia's Macquarie Asset Management ( OTCPK:MQBKY ) and Canadian investor British Columbia Investment Management.

The proportion of electricity assets in National Grid's ( NGG ) portfolio was expected to improve to 70% from 60% as a result of the deal, helping the company deliver on net-zero targets.

National Grid ( NGG ) was due to acquire £2.2B in cash and an additional £2B in debt financing from the sale.

National Grid ( NGG ) is a "solid utility but [with] limited upside," Retirement Pot writes in a bearish analysis posted on Seeking Alpha .

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