REG - SSE Plc Scottish Hydro Elec. - SSE COMPLETES SALE OF 25% STAKE IN TRANSMISSION

SSEAnnouncement

30/11/2022 13:00

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RNS Number : 0908I  SSE PLC  30 November 2022

SSE plc

SSE COMPLETES SALE OF 25% STAKE IN TRANSMISSION BUSINESS FOR £1.465BN

 

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.

Morgan Stanley and Rothschild and Co acted as joint financial advisors and
Freshfields Bruckhaus Deringer LLP acted as legal advisers to SSE on this
transaction.

Ontario Teachers' was advised by Evercore as sole financial adviser and by
Linklaters LLP as legal adviser.

SSE contact:

Investors: ir@sse.com (mailto:ir@sse.com) | Sally Fairbairn, Michael
Livingston | +44 (0)345 0760 530

Media:  media@sse.com (mailto:media@sse.com)  | Glenn Barber, Greg Clarke,
Raymond Buchanan | +44 (0)345 0760 530

Ontario Teachers' contact:

Media: Dan Madge | +1 416 419 1437 | media@ (mailto:media@otpp.com) otpp.com
(mailto:media@otpp.com)

 

ENDS

 

 

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