National Grid Starts Process for Sale of Stake in U.K. Gas Network

National Grid Plc, the operator of the U.K.’s electricity and natural gas networks, plans to sell a majority stake in its domestic gas grid to focus on faster growing businesses areas.

The disposal will probably be completed in early 2017 and “substantially all” of the net proceeds will be returned to shareholders, the company said Tuesday in a statement. Shares rose as much as 3.1 percent on the London Stock Exchange.