LONDON (dpa-AFX) - British electricity and gas utility company National Grid Plc (NG.L, NGG) announced on Monday the sale of its National Grid Renewables US onshore renewables business. It is selling the business to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners.
As per the terms of the deal, Brookfield Asset Management will purchase National Grid Renewables for an enterprise value of $1.735 billion. The final cash consideration is subject to customary completion adjustments.
National Grid Plc expects to complete the transaction in the first half of the financial year ending March 31, 2026, following the fulfilment of certain consents and regulatory approvals.
The company said that the sale is part of the strategy announced in May 2024 to focus on networks and streamline the entire business.
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