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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Macquarie Group Limited | ASX:MQG | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.40 | -0.74% | 186.60 | 186.26 | 186.50 | 186.66 | 184.40 | 185.00 | 545,708 | 09:50:00 |
By Jaime Llinares Taboada
National Grid PLC has agreed to sell a 60% stake in its U.K. gas-transmission business to an infrastructure investors consortium comprised of Macquarie Asset Management and British Columbia Investment Management Corp.
In a statement released on Sunday, the U.K. energy-infrastructure group said that it will receive 2.2 billion pounds ($2.90 billion) in cash and GBP2.0 billion from additional debt financing at completion. National Grid will retain a 40% interest in National Grid Gas, which operates Great Britain's gas-transmission system and also owns a gas-metering business.
The terms of the deal, which is expected to be completed in the second half of the year, imply an enterprise value of around GBP9.6 billion for NGG.
National Grid also entered into an option agreement with the consortium for the potential sale of the remaining 40% stake in the company.
National Grid said that the sale forms part of its pivot toward electricity, as it increases the share of its assets in electricity to 70% from 60%. The group last year acquired Western Power Distribution, the largest U.K. power-distribution company, for GBP7.8 billion.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
March 28, 2022 02:12 ET (06:12 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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