National Grid offloads metering business in £275m deal
SOLIHULL-based power utility National Grid has today sold its metering division in a £275m deal.
Utility Metering Services, which trades as Onstream, is a non-regulated metering business in the UK and has been bought by Australian outfit Macquarie Bank, which also owns the M6 Toll road.
The sale price was £274.3m and cash proceeds from it would be used within National Grid to fund the continuing investment programme, it said today.
The sale, which is unconditional, is expected to complete shortly.
Onstream is a non-regulated gas and electricity metering business and represents around 9% of National Grid’s total UK metering activities by operating profit.
“The sale provides a clean exit from the business at an appropriate juncture in its development and delivers good value for our investors,” National Grid added in a statement.
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