Deals
SSE to Sell $755 Million Stake in Scotia Gas to Abu Dhabi
- RBC says asset sale price is higher than expectations
- SSE expects transaction to be completed by end of October
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SSE Plc, Britain’s second-biggest energy supplier, agreed to sell a 16.7 percent stake in its Scotia Gas Networks distribution business to the Abu Dhabi Investment Authority.
The 621 million-pound ($755 million) sale will be completed by the end of this month, SSE said Monday in an e-mailed statement. The Perth, Scotland-based company, which will keep a 33.3 percent equity stake in Scotia Gas, will outline its plans for the proceeds in an interim results statement on Nov. 9.