National grid that part of the meter reading business sold toMacquarie Bank for £ 274m.
Onstream, founded in 2001 by the National Grid, 160 employeesand provides meter reading services for all the "Big Six" energysuppliers in the UK. The unit prices are not set by the energyregulator.
In a statement, National Grid said the proceeds from the sale will be used within the company "continued to fund investmentprogram."
The sale, which is unconditional, expected to be completed soonand Australian-based Macquarie thought several other bidders in the auction hit.
Earlier this year, the National Grid full-year profits increase by20pc as the FTSE 100 company that benefited from the coldconditions in the United Kingdom and warm weather in the U.S..
The utility giant, which owns the UK networks and providesenergy in the U.S., the profit before tax for the full year of £ 2.1bnto £ 2.6bn.
The news cheered investors, through a rights issue was surprisedthis time last year, followed by a mixed 12 months for the company.
National Grid shares 6 ½ to 629 ½ p.
Onstream, founded in 2001 by the National Grid, 160 employeesand provides meter reading services for all the "Big Six" energysuppliers in the UK. The unit prices are not set by the energyregulator.
In a statement, National Grid said the proceeds from the sale will be used within the company "continued to fund investmentprogram."
The sale, which is unconditional, expected to be completed soonand Australian-based Macquarie thought several other bidders in the auction hit.
Earlier this year, the National Grid full-year profits increase by20pc as the FTSE 100 company that benefited from the coldconditions in the United Kingdom and warm weather in the U.S..
The utility giant, which owns the UK networks and providesenergy in the U.S., the profit before tax for the full year of £ 2.1bnto £ 2.6bn.
The news cheered investors, through a rights issue was surprisedthis time last year, followed by a mixed 12 months for the company.
National Grid shares 6 ½ to 629 ½ p.
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