British energy provider sells gas division

Faced with rising energy prices, British utility provider National Grid sells a majority stake in its gas division to focus on its electricity business. A 60 percent stake in the gas pipeline and metering business will go to Australian investor Macquarie Asset Management and Canadian pension fund British Columbia Investment Management, National Grid said Sunday. The company will receive about £2.2 billion in cash and about £2 billion from additional debt financing following completion of the deal.