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CORRECT (June 28): National Grid Completes Cadent Gas Stake Sale

(Correcting that International Public Partnerships has the right to appoint a director to the ...

Alliance News 1 July, 2019 | 9:51AM
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(Correcting that International Public Partnerships has the right to appoint a director to the Cadent Gas board.)

(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 a director.

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

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
International Public Partnerships Ord 163.20 GBX 0.74 -
National Grid PLC 828.50 GBX -0.41

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