National Grid offloads New Hampshire divisions

4th Jul 2012 07:40

Electricity giant National Grid has completed the sale of its New Hampshire electric and gas distribution businesses, Granite State Electric Company and Energy North Natural Gas Inc.The company sold the units to Liberty Energy Utilities (New Hampshire) Corp, a subsidiary of Algonquin Power & Utilities Corp.The gross proceeds from the transaction totalled $309m, including working capital of $24m and will be used for general funding purposes, National Grid said.National Grid's shares have increased by 9.84% over the year to date to 53.25p as of Tuesday's close.BC