National Grid has announced it has agreed to sell a 60% share in its UK gas transmission and metering business (NGG) to a consortium.

The consortium is comprised of global asset manager Macquarie Asset Management and Canadian investor British Columbia Investment Management Corporation.

The deal will see National Grid receive £4.2 billion – some £2.2 billion in cash and about £2 billion from additional debt financing following completion of the deal.

The company said the deal implies an enterprise value for NGG of approximately £9.6 billion.

The move follows last year’s acquisition of the UK’s largest electricity distribution business Western Power Distribution and announced sale of The Narragansett Electric Company in the US.

NGG operates more than 7,660 kilometres of gas pipes in the UK.

John Pettigrew, Chief Executive of National Grid, said: “This transaction further enhances our role in delivering the UK’s energy transition, pivots our portfolio towards electricity, whilst ensuring the security of the energy supply for the country.

“Alongside our plans to invest up to £35 billion in energy infrastructure over the next five years, the series of transactions announced last March will strengthen our long-term growth prospects and drive long-term value for shareholders.”

Last week, the boss of the electricity system operator unveiled a plan designed to support the UK’s energy security.