LONDON – National Grid PLC last week started a program to spend about $1.1 billion buying back shares, according to a Bloomberg report.
The London-based energy distribution company is the parent of National Grid Rhode Island, the state’s largest utility. Bloomberg reports the company is looking to focus on areas with higher growth after selling a majority stake in the United Kingdom natural gas distribution business in December.
The company hired Barclays PLC to make 425 million pounds of the purchases on the London Stock Exchange until Dec. 27. Bloomberg reports there will not be purchases of its American Depositary Receipts.
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