SSE has announced the agreement to sell its entire 33.3% stake in Scotia Gas Networks Ltd (SGN) to a consortium comprising existing SGN shareholder Ontario Teachers’ Pension Plan Board and Brookfield Super-Core Infrastructure Partners. The sale is worth GBP1.225 billion (US$1.7 billion) in cash.
SGN is a gas distribution network in England, Wales, Scotland and Northern Ireland. SSE initially acquired a 50% equity share in SGN in 2005, before selling a 16.7% stake to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) in 2016, which the consortium has also agreed to acquire within the current financial year. SGN’s direct shareholders will comprise Ontario Teachers’ (37.5%), Brookfield (37.5%), and OMERS Infrastructure (25% unchanged).
Morgan Stanley and Credit Suisse acted as financial advisers and CMS Cameron McKenna Nabarro Olswang LLP as legal advisers to SSE. Nomura acted as financial adviser and Freshfields Bruckhaus Deringer LLP acted as legal advisers to ADIA. Evercore acted as financial adviser to Ontario Teachers’ and Linklaters acted as legal advisers to the Consortium.
Foresight Group Holdings Limited (Foresight) has announced an interim close for Foresight Energy Infrastructure Partners (FEIP) fund, having secured total commitments of EUR787 million (US$934.53 mill...
Read moreCBRE Group has announced a definitive agreement to acquire 60% ownership interest in Turner & Townsend Holdings Limited, a United Kingdom-based company providing services in program, project and c...
Read moreThe Golden Valley Development (GVD) has selected HBD X Factory as the preferred development partner to assist in delivering first phase of the mixed-use development project located in Cheltenham.
Read moreEast West Railway Company has published a Prior Information Notice (PIN) for its new railway PPP project, a line between Oxford and Cambridge, in the UK. East-West railway (EWR) PPP project inv...
Read moreOctopus Real Estate has raised a further GBP314 million (US$436.63 million) for its Health Care fund, focused on the UK care home sector. With this new fundraising, spanning the March and June 2021,...
Read more