Companies from Australia, China and Qatar have purchased a majority stake in the gas distribution business of Britain''s National Grid, the group announced on Thursday. The international consortium, led by Australian investment bank Macquarie and including sovereign wealth funds from China and Qatar, agreed to buy 61 percent of National Grid Gas Distribution (NGGD), it said in a statement.
The transaction values the entire business - which serves 11 million homes and businesses in Britain - at £13.8 billion ($17.5 billion, 16.2 billion euros). National Grid added it would return £4.0 billion to investors following completion of the deal, which is expected by the end of the first quarter of 2017, subject to approval by the European Commission.
The National Grid, which will retain a 39-percent holding in the division, will also hand out a £150-million payment to benefit energy customers in Britain. Among the investors are China''s CIC Capital Corporation and the Qatar Investment Authority, alongside Allianz Capital Partners, Hermes Investment Management, Dalmore Capital, and Amber Infrastructure.
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