NGG - National Grid to sell 20% National Gas stake in ~£700M deal
2023-07-19 07:17:21 ET
National Grid ( NYSE: NGG ) said Wednesday it agreed to sell a 20% interest in its National Gas gas transmission and metering business in the U.K. to the existing majority owners for ~£700M ($912.5M).
National Grid ( NGG ) said it sold the stake to a group of infrastructure investors led by Macquarie Asset Management on equivalent financial terms to the original 60% transaction that was completed in January, which had implied an enterprise value of ~£9.6B for the National Gas unit.
The company also 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.
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National Grid to sell 20% National Gas stake in ~£700M deal