1st Jun 2005 12:04
National Grid Transco PLC01 June 2005 1 June 2005 SALES OF FOUR GAS DISTRIBUTION NETWORKS COMPLETED National Grid Transco plc today announces that it has completed the sales offour 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 byCheung Kong Infrastructure Holdings Limited and including United Utilities PLCfor a cash consideration of £1.4 billion. The South of England and the Scotlanddistribution networks have been sold to a consortium comprising Scottish andSouthern Energy plc, Borealis Infrastructure Management Inc and OntarioTeacher's Pension Plan for a cash consideration of £3.2 billion. The Wales & theWest distribution network has been sold to a consortium led by the MacquarieEuropean Infrastructure Fund (a wholesale fund managed by a member of theMacquarie 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 verysuccessfully concludes a long and complex process, led by Steve Holliday and histeam, working closely with Ofgem, the Department of Trade and Industry, and thenew owners. It marks the inauguration of what is in effect a new gasdistribution industry for the UK. We look forward to taking forward our retainedgas distribution business, by far the largest in the UK, and setting new levelsof efficiency to the benefit of customers and shareholders alike." CONTACT DETAILS National Grid Transco: InvestorsAlexandra Lewis +44 (0)7768 554879(m)Richard Smith +44 (0)20 7004 3172 +44 (0)7747 006321(m) MediaClive Hawkins +44 (0)20 7004 3147 +44 (0) 7836 357173(m) Citigate Dewe RogersonAnthony Carlisle +44 (0)20 7638 9571 +44 (0)7973 611888(m) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
National GridSSEUnited Utilities