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Avangrid strikes deal to sell gas trading business

Avangrid Renewables Holdings Inc. struck a deal to sell its natural gas trading business, Enstor Energy Services LLC, to CCI U.S. Asset Holdings LLC for an undisclosed sum.

"The sale of this business to CCI is consistent with the results of our strategic review of the Enstor gas storage businesses, including the trading business," Avangrid Inc. CEO Jim Torgerson said in a Jan. 31 news release.

The transaction does not involve the company's Enstor Inc. gas storage business. The company expects to close the deal in March, subject to customary conditions.

CCI U.S. Asset Holdings, a subsidiary of Castleton Commodities International LLC, is a global commodities merchant with an integrated set of operations consisting of the marketing and development of commodities-related upstream and infrastructure assets.

Avangrid is a subsidiary of Iberdrola SA.