Grain LNG comprises two National Grid subsidiaries which own and operate the U.K.’s largest liquefied natural gas import terminal under-long term contracts.

British Gas owner Centrica will jointly buy National Grid's Grain LNG terminal with U.S.-based infrastructure investor Energy Capital Partners (ECP), it said on Thursday, for an enterprise value of about 1.

National Grid has agreed to sell its Grain LNG terminal near London to Centrica and private equity firm Energy Capital Partners for around $2.04 billion. Why it matters: Grain LNG is Europe's largest liquefied natural gas import terminal,