LONDON (dpa-AFX) - National Grid plc (NG.L, NGG) announced Tuesday that it has entered into an agreement with Quadgas Investments Bidco Limited for the potential sale of its remaining 25% equity interest in Quadgas HoldCo Limited, the holding company for Cadent Gas Limited.
The cash proceeds from the potential sale, excluding dividends received up to March 31, 2019 and certain other adjustments, would be approximately 1.2 billion pounds.
The potential sale is at the option of National Grid or Quadgas, as applicable, to complete at any time between March 1, 2019 and October 31, 2019, subject to no less than six months' prior written notice and satisfaction of customary regulatory conditions.
If the sale is completed for this 25% interest, as well as for the 14% option announced in March 2017, the proceeds for both transactions would be retained for reinvestment in the business.
National Grid said the potential sale will allow it to continue to rebalance its business towards a portfolio that delivers attractive asset growth of between 5% to 7%.
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