National Grid announces strategic review
National Grid, the UK electricity and gas transmission operator, yesterday published its interim results and presented the conclusions of a wholesale strategic review sponsored by its new CEO, Steve Holliday. Following a review of areas of future opportunity, sources of value creation, its competitive positioning, and the views of its investors, National Grid announced a more focused strategy, centred on growth in UK and US gas and electricity markets, with greater integration across its operational activities, and an increased focus on financial discipline. Flowing from this strategic review, National Grid announced the demerger of its wireless business, the sale of its Basslink interconnector assets in Australia and a significant return of cash to shareholders. National Grid's share price rose 47.5p on the day to close at 746.50p.
Frontier (London), in collaboration with National Grid's banking advisors, advised across all aspects of the 6 month strategic review.
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