National Grid, owner of the U.K.’s high-voltage power grid, has placed its bid for E.ON’s electricity distribution network in the country, Bloomberg reports. The sale is part of E.ON’s plan to sell $20.5 billion of assets by the end of 2013 and raise funds for growth outside Europe and to cut debt. MidAmerican Energy Holdings, PPL Corporation and Cheung Kong Infrastructure also made their offers in a sale that may fetch about $6 billion. The utility may also gain interest from Hongkong Electric Holdings, controlled by billionaire Li Ka-shing. JP Morgan Chase and Barclays are managing the sale.

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