CIC buys 10.5% of National Grid's gas division

British Prime Minister Theresa May's policy of reviewing investment coming from China into British infrastructure has witnessed a new development with the announcement that a consortium including China Investment Corporation agreed to acquire a 61 percent stake in National Grid Plc's gas division.

The consortium, including CIC, Macquarie Bank of Australia and Allianz Capital Partners, will pay 3.6 billion pounds ($4.55 billion) in cash for the stake.

CIC's stake will be 10.5 percent and the sale is expected to be completed by March next year.