May 1 (Reuters) - National Grid plc said on Tuesday it would sell its remaining 25 percent stake in Quadgas HoldCo Limited, which owns Cadent Gas for cash proceeds of about 1.2 billion pounds ($1.65 billion).
International Public Partnerships Ltd said in a separate statement it agreed to buy an additional interest in the Cadent gas distribution network.
Cadent, formerly National Grid Gas Distribution, owns the gas distribution networks in north London, central England, the east of England and northwest England. It was renamed after National Grid sold a majority stake to a consortium.
International Public Partnerships would hold a 7.25 percent ownership interest in Cadent if the deal closes giving it the permanent right to appoint a board director, it said.
International Public Partnerships said the investment is expected to be between 35 million pounds to 40 million pounds and will be exercisable in 2019.
The potential sale is at the option of National Grid or Quadgas to complete any time between March 1, 2019 and Oct 31 October, 2019.
$1 = 0.7272 pounds Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely