Eon sells European gas grid to Australian bank

E.ON (FWB: EOAN) has announced the sale of its Open Grid Europe gas distribution network in a deal worth €3.2bn ($4.06bn).

The sale has been made to a consortium of infrastructure investors, led by Macquarie, the Australian bank.

The move brings Eon to within €3bn of its goal of generating €15bn from the sale of assets by the end of 2013, reports the FT.

The company has earmarked the proceeds for reducing debt and investing in renewable energy plants.

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