Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Gulf State wealth fund shells out £621 million for SGN stake

SGN said the work would take seven weeks
SGN said the work would take seven weeks

Perth power provider SSE has sold a minority stake in gas distribution business SGN to the Abu Dhabi Investment Authority for £621 million.

The Gulf State-based sovereign wealth fund is expected to tie-up the purchase of a 16.7% stake in SGN by the end of this month.

SSE will retain a 33.3% stake in SGN – which owns and operates two gas distribution networks serving six million properties in Scotland and the south of England – following the sale.

Scotia Gas Networks
Scotia Gas Networks

The Inveralmond-based utility has been involved with SGN since 2005 when it acquired a 50% stake in the business for £505m.

The group said the SGN had since become a leading gas distribution business which had demonstrated operational and investment efficiency and provided a “fair return” for its investors.

In total, SSE has received dividend payments and other distributions of £750m in the 11 years it has had an interests in the gas distributor.

SSE said that following completion of the sale it would have an ownership interest in five economically-regulated energy networks with an total asset value of over £7 billion.

It said it expected that figure to rise to £8.5bn by March due to the impact of continuing investment plans.

Already a subscriber? Sign in

[[title]]

[[text]]