SSE agreed to sale 33.3% stake in SGN for GBP1.225 billion

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

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. 

List of the country updates

Country updates

  • August 04, 2021

    Foresight energy fund raises EUR787 million

    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 more
  • August 03, 2021

    CBRE to acquire 60% stake in Turner & Townsend

    CBRE 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 more
  • August 03, 2021

    Preferred Contractor selected for USD1.38 billion mixed-use development PPP project in UK

    The 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 more
  • August 02, 2021

    PIN launched for Oxford-Cambridge rail line PPP project in UK

    East 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 more
  • August 02, 2021

    New financial close for Health Care fund in UK

    Octopus 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

Share this update