National Grid sells final 20pc interest in National Gas

26th Jul 2024 11:13

(Sharecast News) - National Grid announced the sale of its final 20% equity interest in National Gas to its current majority owners on Friday, consisting of a consortium of long-term infrastructure investors led by Macquarie Asset Management.

The FTSE 100 company said the transaction followed the exercise of the consortium's option agreement.

It said the sale terms for the remaining interest were consistent with the financial terms of the original transaction.

Completion was anticipated by the first quarter of 2025, pending the satisfaction of customary closing conditions and regulatory approvals.

This move marked the final step in National Grid's divestiture of its stake in National Gas, aligning with the company's strategic focus on its core operations.

At 1056 BST, shares in National Grid were up 0.27% at 965.75p.

Reporting by Josh White for Sharecast.com.