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INPP International Public Partnerships Ld

124.00
-1.60 (-1.27%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
International Public Partnerships Ld LSE:INPP London Ordinary Share GB00B188SR50 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.60 -1.27% 124.00 123.80 124.40 125.00 123.60 125.00 4,133,617 16:35:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 370.13M 326.9M 0.1916 6.49 2.12B

National Grid to Sell 61% of UK Gas Distribution Unit; Return GBP4 Billion to Holders

08/12/2016 8:03am

Dow Jones News


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By Ian Walker

 

LONDON--National Grid PLC (NGG) said Thursday it is selling 61% of its interest in its U.K. gas distribution business to a consortium of long-term infrastructure investors in a deal that values the unit at about 13.8 billion pounds ($17.45 billion), and will return GBP4 billion of the proceeds to shareholders.

The utility firm, which announced November last year that it was selling the unit, will get GBP3.6 billion in cash from the consortium on completion and will own a 39% minority equity interest in a new holding company. In addition, it will get GBP1.8 billion from additional debt financing.

The consortium buying the business comprises Macquarie Infrastructure and Real Assets, Allianz Capital Partners, Hermes Investment Management, CIC Capital Corporation, Qatar Investment Authority, Dalmore Capital and Amber Infrastructure Ltd./International Public Partnerships Ltd. (INPP.LN).

National Grid said it expects that the deal to complete on or before March 31, 2017.

 

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

 

(END) Dow Jones Newswires

December 08, 2016 02:48 ET (07:48 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

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