The sale follows the decision last year to sell off a 60 per cent equity stake in its UK gas transmission and metering business to a consortium which included Macquarie and British Columbia Investment Management Corporation from Canada.

The investment takes the Consortium’s total ownership in National Gas to 80 per cent and is on equivalent financial terms to the original 60 per cent acquisition, which was completed in January this year.

Final completion of the new deal will not occur until regulatory approval is confirmed, although Macquarie said it anticipates that it will be completed before the end of the year.

The Consortium has also entered into a new option agreement with National Grid for the potential acquisition of the remaining 20 per cent shareholding in National Gas. This option will expire by the end of July 2024 if not adopted.

Following the announcement of the initial acquisition last year, National Grid chief executive John Pettigrew...