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National Grid's GBP2 Billion Cadent Gas Stake Sale Concludes

(Alliance News) - National Grid PLC has completed the GBP1.97 billion sale of its 39% stake in ...

Alliance News 28 June, 2019 | 12:54PM
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(Alliance News) - National Grid PLC has completed the GBP1.97 billion sale of its 39% stake in Cadent Gas, the FTSE 100 utility said on Friday.

National Grid will reinvest the cash into the business, supporting a "significant" capital investment programme. The stake was sold to Quadgas, a consortium including International Public Partnerships Ltd, a FTSE 250 infrastructure investor.

In its own statement, IPP said it now holds 7.3% of Cadent shares, giving it the right to appoint an investor.

Cadent Gas supplies about 50% of the UK's population with gas, IPP noted, through its monopoly ownership of the gas distribution network.

National Grid shares were 0.2% higher Friday at 834.50 pence each, with IPP shares were up 0.1% at 148.90p.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
International Public Partnerships Ord 156.00 GBX -0.51 -
National Grid PLC 851.50 GBX 0.04

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Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

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