SSE to sell stake in SGN for £1.2bn | Business
SSE has agreed to sell its stake in the UK’s second largest gas distribution network company for more than £1.2 billion.
The FTSE 100 utility will offload its 33.3 per cent holding in Scotia Gas Network (SGN) to a consortium of institutional investors.
The Ontario Teachers’ Pension Plan, a Canadian pension fund, which already has a 25 per cent share in SGN, is upping its interest, with Brookfield Super-Core Infrastructure Partners, part of the Toronto-based fund manager Brookfield, also investing.
SSE bought into SGN in 2005 by paying £505 million for 50 per cent of the business. It subsequently sold 16.7 per cent to the Abu Dhabi Investment Authority in 2016 for £621 million.
SSE, based in Perth, has been shifting strategy in recent years