National Grid in £275m sell-off
Solihull-headquartered National Grid has sold its Utility Metering Services division for almost £275m.
The electricity and gas giant sold the service, which trades as Onstream, to Macquarie Bank. The total consideration was £274.3m, and the unconditional sale is expected to complete shortly, confirmed National Grid.
Onstream is a non-regulated gas and electricity metering business and represents about 9 per cent of National Grid's total UK metering activities.
National Grid said that the sale " provides a clean exit from the business at an appropriate juncture in its development and delivers good value for our investors".
The cash proceeds from the sale will be used within National Grid to fund the continuing investment programme.
Read more on the deal in tomorrow's Midlands Business Insider newsletter.
