The United Kingdom’s National Grid has sold some of its meter reading operation to Macquarie Bank for 274 million pounds ($438,345,200.)

The money raised from the sale will pay for continuing investments, according to a report from The Telegraph.

National Grid is a global electricity and gas company.

The sold unit, Utility Metering Services, is also known as OnStream, according to media reports. The Telegraph said it offers meter-reading to six of the larger power suppliers in the United Kingdom. The sale will likely be completed in a short time. OnStream was started in 2001. It has some 160 employees.

Macquarie is an Australian-based bank. It reportedly beat out several other companies for OnStream in bids during an auction, The Telegraph said.

In addition, cold weather in the United Kingdom and warm weather in the United States led to National Grid seeing profits earlier this year, according to The Telegraph.

OnStream represents some nine percent of National Grid's metering activities in the United Kingdom as determined by operating profit, according to a report on MarketWatch. The report adds that the sale of OnStream “delivers good value for investors,” MarketWatch adds.

OnStream is the largest investor-owned utility business in the United Kingdom, according to the company’s website.

In addition, OnStream has installed over two million gas meters and one million electricity meters, the company said. It offers reading of gas meters for domestic and non-domestic customers, the company adds. Also, OnStream provides smart metering services. And OnStream has installed 27,000 smart meters at residences and businesses.

According to information posted on the company’s website, Macquarie Group offers banking and services in the financial, advisory, investment and funds management sectors. It was started in 1969. In addition, Macquarie has over 15,500 employees who work in some 28 countries. The company’s headquarters is in Sydney, Australia.

In other recent company news, TMCnet reported National Grid and Bangor (Maine) Hydro Electric Company were filing with the U.S. Federal Energy Regulatory Commission (FERC) to get approval of funding for the Northeast Energy Link (NEL) transmission project. The Northeast Energy Link is a proposed 230-mile 1,100 MW direct current transmission line delivering renewable energy from northern and eastern Maine and eastern Canada into southern New England.