£4.2bn deal completed as National Grid offloads majority share in gas metering business

National Grid has completed a £4.2bn deal to sell a 60% equity interest in its UK gas transmission and metering business (NGG) to a consortium made up of Macquarie Asset Management and British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors.

In a statement to the London Stock Exchange this morning (December 5), National Grid said that all the conditions relating to the sale had been met.

Following the deal, National Grid will own a 40% minority equity interest in NGG via a new holding company called GasT TopCo. It will also receive approximately £2bn from additional debt financing at completion.

National Grid has also entered into an option agreement with the consortium for the potential sale of the remaining 40% of equity in GasT TopCo, as long as it is between 1 January 2023 and 30 June 2023.