Macquarie deal for Onstream

National Grid today sold its stand-alone meter reading and installation business for £274 million.

Onstream is being bought by Macquarie Bank in the UK. It covers some 2.6 million domestic electricity meters and 1.6 million gas meters.

The business was set up in 2001 by National Grid, and unlike the group's own core metering business, it does not have its prices set by the energy regulator. Onstream provides meter-reading services for all the big six power suppliers in the UK and employs 160 people.

National Grid said that the sale "provides a clean exit from the business at an appropriate juncture in its development and delivers good value for our investors".

Macquarie is understood to have beaten several other bidders in the auction for Onstream.