28th Jun 2019 12:54
(Alliance News) - National Grid PLC has completed the GBP1.97 billion sale of its 39% stake in Cadent Gas, the FTSE 100 utility said on Friday.
National Grid will reinvest the cash into the business, supporting a "significant" capital investment programme. The stake was sold to Quadgas, a consortium including International Public Partnerships Ltd, a FTSE 250 infrastructure investor.
In its own statement, IPP said it now holds 7.3% of Cadent shares, giving it the right to appoint an investor.
Cadent Gas supplies about 50% of the UK's population with gas, IPP noted, through its monopoly ownership of the gas distribution network.
National Grid shares were 0.2% higher Friday at 834.50 pence each, with IPP shares were up 0.1% at 148.90p.
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National GridInternational Public Partnerships