LONDON, UK: OMERS has announced the sale of its entire 25% stake in Scotia Gas Networks Limited (SGN) and its group of companies including the Issuers to Global Infrastructure Partners (GIP).
The transaction is expected to complete within the current financial year and is conditional on certain regulatory approvals.
Scotia Gas Networks (SGN) is the second largest gas distribution network in the UK, and owns Scotland Gas Networks plc and Southern Gas Networks plc, two of the eight regulated gas distribution networks in England, Wales and Scotland, operating under a licence from Ofgem to distribute gas through their infrastructure network. SGN serves nearly six million homes and businesses.
Global Infrastructure Partners (GIP) is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP invests in the energy, transport, water/waste and digital sectors in both OECD and select emerging market countries.
GIP manages approximately US$ 77 billion for its investors. GIP’s 46 portfolio companies employ approximately 63,000 people in over 50 countries. GIP’s teams are located in 10 offices: London, New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. www.global-infra.com
John Morea, CEO of SGN, said: “SGN has a pioneering role in shaping the UK’s energy future, so GIP’s investment is good news and we look forward to working with GIP as part of the SGN Board. We would like to thank OMERS for a successful and productive relationship during the past 17 years.
As the start of a new year approaches, we remain fully committed to advancing a range of innovative projects that will place hydrogen and other green gases at the heart of the UK’s energy transition. The UK’s gas networks are key to meeting ambitious net zero goals and we look forward to being part of the solution as we continue to provide excellent service for our customers.”
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