Linklaters advises National Grid on the sale of a 60% stake in its UK gas transmission and metering business

Linklaters has advised National Grid on the sale of a 60% stake in its UK gas transmission and metering business to a consortium of infrastructure investors including Macquarie Asset Management and British Columbia Investment Management Corporation. The sale, which completed on 31 January following receipt of anti-trust and other approvals, implies an enterprise value for NGG of approximately £9.6 billion.

This is an important step in National Grid’s previously announced strategy to pivot its portfolio towards electricity and reinforce its role in enabling the UK to reach its net zero targets, while maintaining security of supply for the country. It also strengthens their long-term growth prospects and drives long-term value for shareholders.

The deal was the largest UK carve-out of 2022 and the cross-practice team was led by relationship partner Charles Turner, supported by a team from across 11 of the firm’s practices including corporate managing associates Amy Barker and Fionna Ng. Natura Gracia led the Antitrust & Foreign Investment team, Maryam Adamji led the Energy and Infrastructure team and Elisabeth Johnson and Benjamin Dewsnip led the Finance team.

Linklaters also advised National Grid on the complex carve out and sale of its gas distribution business back in 2017, which at the time was the largest ever energy infrastructure deal in the UK.