National Grid sells Onstream

NATIONAL GRID said yesterday it has sold its metering division to Macquarie Bank, in a deal worth £275m.

Utility Metering Services, known as Onstream, joins Macquarie’s portfolio of UK assets, which also includes the M6 toll road.

It was set up by National Grid in 2001 and covers more than 4m gas meters across the UK, providing services to all six major energy providers.