German utility E.ON has sold its Open Grid Europe (OGE) gas distribution network to a consortium led by Australian bank Macquarie for €3.2 billion ($4.0 billion).

E.ON has divested more than €12 billion ($14.8 billion) worth of assets in its goal to pay down debt and fund new growth opportunities by selling €15 billion ($18.6 billion) in assets by the end of 2013. The divestments also are designed to help offset the negative impact on the company of Germany’s exit from nuclear power.

Like its peers, German utilities RWE and EnBW, E.ON was dealt a financial blow in 2011 when Germany decided to phase out nuclear power following Japa