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    SSE   GB0007908733

SSE PLC

(SSE)
  Report
Delayed Quote. Delayed London Stock Exchange - 09/24 11:36:24 am
1628.5 GBX   -1.00%
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SSE : makes $1.7 bln Scotia Gas exit in low-carbon push

08/02/2021 | 02:24am EDT
FILE PHOTO: An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry

* Sells entire 33.3% SGN stake to Canadian consortium

* Consortium to also acquire ADIA's stake in SGN

Aug 2 (Reuters) - Britain's SSE on Monday agreed to sell its entire 33.3% stake in Scotia Gas Networks (SGN) for 1.225 billion pounds ($1.70 billion) as the power producer sharpens its focus on renewables and low-carbon electricity.

A Canadian consortium of Ontario Teachers' Pension Plan Board and Brookfield Super-Core Infrastructure Partners will buy SSE's stake in SGN, which supplies gas in England, Wales, Scotland and the west of Northern Ireland.

SSE has set out plans to invest in low-carbon energy infrastructure over the next five years and treble its renewable electricity output by 2030 as it transitions to net zero.

It said in May it was on track to invest 7.5 billion pounds in low-carbon projects up to 2025.

The SGN deal concludes SSE's more than 2 billion pound disposal program and the sale is expected to complete within the current financial year, the company said.

"The capital we are releasing through our disposals program will help enable us to maximize the delivery of our low-carbon electricity orientated strategy," said SSE Finance Director Gregor Alexander.

Proceeds from the SGN sale will be used to cut net debt in the short term and support investment plans, the London-listed utility said, adding that it would provide an update with its interim results in November.

SSE shares rose 1.8% in morning trade.

SSE acquired a 50% share in SGN in 2005 for 505 million pounds ($702.30 million), before selling a 16.7% stake to a unit of the Abu Dhabi Investment Authority (ADIA) in 2016.

SSE said on Monday the Canadian consortium has also agreed to acquire the ADIA stake for an undisclosed amount.

Morgan Stanley and Credit Suisse acted as financial advisers to SSE and Nomura acted as financial adviser to ADIA. Evercore acted as financial adviser to Ontario Teachers'. ($1 = 0.7191 pounds) (Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru; editing by Uttaresh.V and Louise Heavens and Kirsten Donovan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 0.92% 9.194 Delayed Quote.-20.09%
SSE PLC -1.00% 1628.5 Delayed Quote.9.67%
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Analyst Recommendations on SSE PLC
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Financials
Sales 2022 7 587 M 10 368 M 10 368 M
Net income 2022 895 M 1 224 M 1 224 M
Net Debt 2022 8 587 M 11 734 M 11 734 M
P/E ratio 2022 18,4x
Yield 2022 5,04%
Capitalization 16 865 M 23 054 M 23 044 M
EV / Sales 2022 3,35x
EV / Sales 2023 3,37x
Nbr of Employees 11 865
Free-Float 99,1%
Chart SSE PLC
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Technical analysis trends SSE PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 1 645,00 GBX
Average target price 1 715,58 GBX
Spread / Average Target 4,29%
EPS Revisions
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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