Ontario Teachers’ to acquire 25% stake in SSEN Transmission
SSE plc has announced the acquisition of a 25% minority stake in its electricity transmission network business SSEN Transmission for GBP1.465 billion (US$1.763 billion) by the Ontario Teachers’ Pension Plan Board in Canada.
The deal follows a decision by SSE plc to extend the partnering approach that has been successful in SSE Renewables to its core electricity distribution and transmission network assets through the sale of minority stakes in both businesses. Through the acquisition, Ontario Teachers' will be proportionally represented on the board of directors of SSEN Transmission. To cover the future long-term funding requirements and the working capital of SSEN Transmission, a new GBP750 million (US$902 million) revolving credit facility has been set up.
The transaction is expected to be completed shortly. The proceeds from this stake sale will support SSEN Transmission's growth and further growth opportunities in other SSE core businesses.
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