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BRIEF-SSE agrees to sell 16.7 pct stake in gas distribution business
October 17, 2016 / 6:31 AM / a year ago

BRIEF-SSE agrees to sell 16.7 pct stake in gas distribution business

Oct 17 (Reuters) - SSE Plc :

* Agreement to dispose of 16.7 pct stake in SGN

* Has entered into an agreement to sell a 16.7 pct equity stake in Scotia Gas Networks Limited

* For a headline consideration of 621 mln stg based on an effective economic date of April 1 2016

* Transaction is expected to be completed by end of this month, with consideration being settled in cash

* Sale follows a review announced by SSE in May 2016. SSE will retain a 33.3 pct equity stake in SGN

* Will set out its intentions with regard to proceeds in its interim results statement on Nov. 9 2016

* Following completion, co will have an ownership interest in 5 economically-regulated energy networks with estimated total regulated asset value of over 7 bln stg

* Through continuing investment, this is expected to increase to almost 8.5 bln stg by March 2018 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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