Deals
National Grid Said to Start Auction for U.K. Gas Network Stake
- Sale could value regional gas assets at over 10 billion pounds
- Canadian pension group, Allianz consortium show interest
Transportation pipes at the National Grid's liquid natural gas terminal on the Isle of Grain, U.K.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
National Grid Plc, the U.K. electricity and natural gas network operator, has started an auction to sell a controlling stake in its domestic gas network that could value the business at more than 10 billion pounds ($13.3 billion), people with knowledge of the matter said.
National Grid, which is selling 51 percent of its four regional gas distribution networks, has sent information on the business to potential buyers, according to the people. The company has asked for first-round bids to be submitted by late September, the people said, asking not to be named because the deliberations are private.