National Grid Transco plc today announces that it has completed the sales of four of its regional gas distribution networks for a total cash consideration of £5.8 billion.
The North of England distribution network has been sold to a consortium led by Cheung Kong Infrastructure Holdings Limited and including United Utilities PLC for a cash consideration of £1.4 billion. The South of England and the Scotland distribution networks have been sold to a consortium comprising Scottish and Southern Energy plc, Borealis Infrastructure Management Inc and Ontario Teacher’s Pension Plan for a cash consideration of £3.2 billion. The Wales & the West distribution network has been sold to a consortium led by the Macquarie European Infrastructure Fund (a wholesale fund managed by a member of the Macquarie Bank Group), for a cash consideration of £1.2 billion.
Roger Urwin, Chief Executive of National Grid Transco, said:
“We are delighted to announce completion of our network sales. This very successfully concludes a long and complex process, led by Steve Holliday and his team, working closely with Ofgem, the Department of Trade and Industry, and the new owners. It marks the inauguration of what is in effect a new gas distribution industry for the UK. We look forward to taking forward our retained gas distribution business, by far the largest in the UK, and setting new levels of efficiency to the benefit of customers and shareholders alike.”
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| Anthony Carlisle |
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