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    SSE   GB0007908733

SSE PLC

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SSE Agrees to Sell Stake in SGN for GBP1.22 Billion

08/02/2021 | 02:43am EDT

By Jaime Llinares Taboada

SSE PLC said Monday that it has agreed to sell its remaining 33.3% stake in gas-distribution company Scotia Gas Networks Ltd. to a consortium for 1.22 billion pounds ($1.70 billion).

The U.K. energy company said the consortium comprises Ontario Teachers' Pension Plan Board, which is an existing SGN shareholder, and Brookfield Super-Core Infrastructure Partners. The consortium has also agreed to acquire a 16.7% interest in SGN owned by the Abu Dhabi Investment Authority.

The deal will conclude its disposals program with total proceeds of more than GBP2.7 billion, SSE said. "We see significant growth opportunities in our core networks and renewables businesses in the transition to net zero and the capital we are releasing through our disposals program will help enable us to maximize the delivery of our low-carbon electricity orientated strategy," Finance Director Gregor Alexander said.

SGN owns Scotland Gas Networks PLC and Southern Gas Networks PLC--two of England, Wales and Scotland's eight gas distribution networks--and a business which provides gas to customers in Northern Ireland. The transaction is expected to complete within the current financial year.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

08-02-21 0242ET

Stocks mentioned in the article
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SSE PLC -2.42% 1634.5 Delayed Quote.8.97%
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Financials
Sales 2022 7 513 M 10 322 M 10 322 M
Net income 2022 895 M 1 230 M 1 230 M
Net Debt 2022 8 588 M 11 798 M 11 798 M
P/E ratio 2022 18,3x
Yield 2022 5,07%
Capitalization 16 927 M 23 281 M 23 254 M
EV / Sales 2022 3,40x
EV / Sales 2023 3,40x
Nbr of Employees 11 865
Free-Float 99,1%
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 1 634,50 GBX
Average target price 1 696,25 GBX
Spread / Average Target 3,78%
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Managers and Directors
Alistair Phillips-Davies Chief Executive Officer & Executive Director
Gregor Alexander Finance Director & Executive Director
John Alexander Manzoni Chairman
Sue Bruce Independent Non-Executive Director
Peter John Lynas Independent Non-Executive Director
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