National Grid sold a stake in its UK gas distribution network.

National Grid sold a 61% stake in its UK gas distribution network to a consortium of investors. The terms of the transaction imply an enterprise value of approximately £13.8bn for the network. Christian Fingerle, Chief Investment Officer, Allianz Capital Partners, said: “This business provides essential services to 11m customers in the UK and we are committed to its sustainable development in the long term. The well-established regulatory framework and stable and predictable nature of the business make it an excellent fit with Allianz strategy of investing in core infrastructure assets on behalf of our millions of clients.”