National Grid plc ("National Grid") announced today that it has agreed the sale of Utility Metering Services (which trades as Onstream), a non-regulated metering business in the UK, to Macquarie Bank Limited, for a total consideration of £274.3m. The cash proceeds from the sale will be used within National Grid to fund the continuing investment programme. The sale, which is unconditional, is expected to complete shortly.

Onstream is a non-regulated gas and electricity metering business and represents around 9% of National Grid's total UK metering activities (by operating profit). The sale of Onstream provides a clean exit from the business at an appropriate juncture in its development and delivers good value for our investors.

http://www.investegate.co.uk/Article.aspx?id=201110240930016...