National Grid plc on June 2 launched a two-tranche share buyback program in the amount of £835 million after the sale of a 61% stake in its U.K. natural gas distribution business in December 2016.

The London-listed company has hired Barclays Capital Securities Ltd. for the first tranche, which is capped at £425.0 million and will conclude by Dec. 27.

At the time of announcing the sale deal, the company proposed to return £4 billion of the net proceeds to shareholders through a special dividend and buybacks.