Electricity and gas networks company National Grid has announced the sale of Utility Metering Services (which trades as Onstream) to Macquarie Bank for £274.3 million.
Onstreamis a non-regulated gas and electricity metering business and represents around nine per cent of National Grid’s total UK metering activities by operating profit.
National Grid said that the cash proceeds from the sale will be used within the company to fund its continuing investment programme.
The sale, which is unconditional, is expected to complete shortly.
In a statement, National Grid said: “The sale of Onstream provides a clean exit from the business at an appropriate juncture in its development and delivers good value for our investors.”
Headquartered in London, National Grid owns UK gas and electricity networks and also supplies energy in the US.
