ALLEN & OVERY ADVISES NATIONAL GRID
26 Oct, 2011
National Grid sells metering business for GBP274m
Allen & Overy has advised National Grid on the sale of its non-regulated gas and electricity metering business to Macquarie Bank for GBP274m. Utility Metering Services Limited, which trades as OnStream, represents around 9 per cent of National Grid’s total UK metering activities (by operating profit).
The sale of OnStream provides National Grid with a clean exit from the business ahead of the compulsory roll-out of smart meters in the UK by 2020. The cash proceeds from the sale will be used within the National Grid group to fund its continuing investment programme.
Commenting on the deal, corporate partner, Richard Hough says: “This is the first deal A&O has done for National Grid since being appointed to its corporate panel earlier this year. We are delighted to have been involved in this strategic disposal for National Grid at a pivotal juncture for the smart metering market in the UK.”
The A&O team was led by Corporate partner Richard Hough and senior associate Annabelle Croker, assisted by associates Craig Harris and Tara Rajah and trainees Ben Berry and Lucy Walker.
Further advice was provided by a team of specialists: IP/IT senior associate Naomi Leach, Tax senior associate Tim Harrop and associate Dominic Foulkes, Employment partner Stefan Martin and associate Steven Cochrane, Incentives partner Sylvie Watts and associate Amy Carter, Real Estate associate Will Kipling, Insurance associate Kate McInerney, Competition counsel Cerry Darbon and Litigation partner Richard Farnhill and senior associate Michelle de Kluyver.