(Adds timeline, details)
Sept 30 Britain's energy regulator Ofgem said on
Friday it has granted National Grid approval to transfer its gas
transportation license to its new subsidiary National Grid Gas
Distribution Limited (NGGD), which is set for sale.
National Grid plc (NG) announced last year plans to sell a
majority interest in its gas distribution business, currently
owned by a subsidiary of NG, National Grid Gas plc (NGG).
To complete the transaction, National Grid would transfer
its gas distribution assets and the NGG license to NGGD.
Ofgem said the license was expected to be transferred on
Oct. 1, while NG indicated the sale process was likely to be
completed by early 2017.
The Financial Times reported on Sept. 22 that Hong Kong
billionaire Li Ka-Shing was preparing to bid for NG's gas
distribution assets, valued at up to 11 billion pounds ($14
Ofgem reminded potential bidders on Wednesday that any
premium they pay above existing values may not be compensated
when Ofgem sets the new price control.
($1 = 0.7689 pounds)
(Reporting by Nerijus Adomaitis in London; Editing by Susan