National Grid Sells Final 20% Stake in National Gas

TL;DR

National Grid is selling its last 20% of National Gas, exiting the business to focus on core networks.

AI Summary

On July 26, 2024, National Grid plc announced the sale of its final 20% stake in National Gas. This transaction is part of the company's strategy to divest non-core assets and focus on its regulated businesses. The sale is expected to be completed in the second half of the 2024 calendar year.

Why It Matters

This divestment allows National Grid to streamline its operations and concentrate on its core regulated energy networks, potentially leading to improved financial performance and strategic focus.

Risk Assessment

Risk Level: low — The filing is an announcement of a divestiture, which is a strategic business decision with typically well-understood financial implications.

Key Players & Entities

• National Grid plc (company) — Filer of the report and seller of assets
• National Gas (company) — Company in which National Grid is selling its stake
• July 26, 2024 (date) — Date of the filing and announcement

FAQ

Filing Documents

• a0226y.htm (6-K) — 33KB
• 0001654954-24-009441.txt ( ) — 34KB

From the Filing

GRID - SALE OF FINAL 20% OF NATIONAL GAS a0226y         UNITED STATES   SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549     FORM 6-K     REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934   Date: 26 July 2024   Commission File Number: 001-14958       NATIONAL GRID plc   (Translation of registrant’s name into English)   England and Wales   (Jurisdiction of Incorporation)        1-3 Strand, London, WC2N 5EH, United Kingdom (Address of principal executive office)       Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.   ☒   Form 20-F       ☐   Form 40-F   Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ☐   Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   ☐   Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3- 2(b) under the Securities Exchange Act of 1934.   ☐   Yes     ☒   No   If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a                       EXHIBIT INDEX   Exhibit No.   Description   99.1   Exhibit 99.1 Announcement sent to the London Stock Exchange on 26 July 2024   — National Grid - sale of final 20% of National Gas     Exhibit 99.1   26 July 2024   National Grid plc   Sale of final 20% of National Gas     National Grid confirms that it will sell its final 20% equity interest (the "Remaining Interest") in National Gas to existing majority owners, a consortium of long-term infrastructure investors led by Macquarie Asset Management (the "Consortium"), following the exercise of the Consortium's option agreement.   The Remaining Interest is on equivalent financial terms to the original transaction. Completion of the Remaining Interest is expected by the first quarter of calendar year 2025, subject to the satisfaction of customary closing conditions and regulatory approvals.     Enquiries and   contacts   Investors and Analysts:   Nick Ashworth                                     +44 (0) 7814 355 590 Angela Broad                                       +44 (0) 7825 351 918 James Flanagan                                    +44 (0) 7970 778 952   Media:   Danielle Dominey-Kent                       +44 (0) 7977 054 575           CAUTIONARY STATEMENT   This announcement contains certain statements that are neither reported financial results nor other historical information. These Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These Company) financial condition, its results of operations and businesses, strategy, plans and objectives. Words such as 'aims', 'anticipates', 'expects', 'should', 'intends', 'plans', 'believes', 'outlook', 'seeks', 'estimates', 'targets', 'may', 'will', 'continue', 'project' and similar expressions, as well as and climate-related risks which differ from conventional financial risks in that they are complex, novel and tend to involve projection over long term scenarios which are subject to significant uncertainty and change. These forward-looking and are subject to assumptions, risks and uncertainties that could cause actual future results to differ materially from those expressed in or implied by such forward-looking statements or targets. Many of these assumptions, risks and

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View this 6-K filing on SEC EDGAR