National Grid has agreed to sell its remaining 25% stake in the gas distribution business, Cadent Gas, in the UK.
The grid operator has inked an agreement with the holding firm Quadgas Investments Bidgo Limited for the potential sale of the interest for £1.2 billion.
Cadent, formerly National Grid Gas Distribution, owns the gas distribution networks in north London, central England, the east of England and northwest England.
The deal is expected to be completed between 1st March 2019 and 31st October 2019.
The potential sale will allow National Grid to “continue to rebalance its business towards a portfolio that delivers attractive asset growth of between 5% to 7%”.
