By Joe Hoppe

The U.K. competition regulator said Tuesday that it has cleared the acquisition of a 60% shareholding in the gas transmission and metering business of National Grid PLC by a consortium of investors.

The Competition and Markets Authority said it decided, based on the information currently available to it, not to refer the acquisition of part of the energy infrastructure group by Macquarie Infrastructure and Real Assets (Europe) Ltd. and British Columbia Investment Management Corp. to a Phase 2 investigation.

National Grid said in March that it would sell the stake in its U.K. gas-transmission business to the consortium for 2.2 billion pounds ($2.60 billion) in cash and GBP2.0 billion more in additional debt financing on completion.

The CMA had said it would examine the deal on Sept. 27.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

November 22, 2022 04:25 ET (09:25 GMT)

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