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8 months ago
National Grid agrees UK distribution sale, to return cash to investors
December 8, 2016 / 7:18 AM / 8 months ago

National Grid agrees UK distribution sale, to return cash to investors

1 Min Read

LONDON, Dec 8 (Reuters) - Britain's National Grid has agreed to sell a 61 percent equity interest in its UK gas distribution business to a group of infrastructure investors that implies an enterprise value of around 13.8 billion pounds ($17.5 billion), it said on Thursday.

As part of the deal it plans to return 4 billion pounds of capital to shareholders.

On completion National Grid will receive a payment of 3.6 billion pounds in cash from the consortium and will own a 39 percent minority equity interest in a new holding company.

The Consortium comprises Macquarie Infrastructure and Real Assets, Allianz Capital Partners, Hermes Investment Management, CIC Capital Corporation, Qatar Investment Authority, Dalmore Capital and Amber Infrastructure Limited/International Public Partnerships.

$1 = 0.7908 pounds Reporting by Kate Holton; editing by Sarah Young

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