SSE plc ("SSE") has completed the sale of a 25% minority stake in its electricity transmission network business, SSEN Transmission - which operates under its licenced entity, Scottish Hydro Electric Transmission plc - to Ontario Teachers' Pension Plan Board (Ontario Teachers') for total cash proceeds of £1.465bn.
The proceeds will support the significant growth SSE continues to see in SSEN Transmission and further growth opportunities across SSE's other core businesses, while ensuring an attractive balance of capital allocation across the Group.
The sale of a minority stake will allow SSE as the majority shareholder to retain control in relation to operating and managing the business, with Ontario Teachers' to be proportionately represented on SSEN Transmission's Board of Directors.
The successful transaction follows SSE's strategy to extend the partnering approach that has been successful in SSE Renewables to its core electricity transmission and distribution network assets through the sale of minority stakes in both businesses as part of SSE's fully funded Net Zero Acceleration Programme. The sale process for a stake in SSE's electricity distribution business is expected to commence in early 2023.
https://www.investegate.co.uk/sse-plc-- ... 00010908I/
Ian.