British energy company SSE announced on Friday it reached an agreement to sell a 25% minority stake in its electricity transmission network business SSEEN Transmission to Ontario Teachers’ Pension Plan Board for £1.5 billion.
The company noted the transactions is expected to close "shortly" and added that, following the completion of the sale, SSE will retain control in relation to operating and managing the business, while Ontario Teachers' will be proportionately represented on SSEN Transmission’s Board of Directors.
SSE Finance Director Gregor Alexander will chair the new board and Rob McDonald will stay on as SSEN Transmission managing director.
