National Grid, which owns and operates the UK’s national transmission system, has announced that it has agreed the sale of Onstream, a meter reading and installation business, to Macquarie Bank in a deal worth GBP274.3m ($438.8m).

National Grid said the cash proceeds from the sale of Utility Metering Services, which trades as Onstream, will be used to fund its investment programme.

A spokesman for National Grid said: “The sale of Onstream provides a clean exit from the business at an appropriate juncture in its development and delivers good value for investors.”

Onstream represents about 9 per cent of National Grid’s total UK metering activities. It provides meter-reading services for all the major energy suppliers in the UK, and covers about 2.6m domestic electricity meters.

As well as traditional energy meters, Onstream also has a growing smart meter division with more than 27 000 smart meters installed to-date in homes and businesses.

For more information on National Grid.

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