CMS has advised SSE plc (“SSE”) on the signing of agreements for the disposal of 16.7% of Scotia Gas Networks Limited (“SGN”) to wholly-owned subsidiaries of the Abu Dhabi Investment Authority (”ADIA”), for a headline consideration of £621m based on an effective economic date of 1 April 2016.
As well as other gas-related commercial activities, SGN owns and operates two gas distribution networks, which distribute gas to almost 6,000,000 properties in Scotland and the South of England.
The CMS team was led by London partner Doug Land and involved a large CMS team.
Commenting on the transaction, Doug Land said:
“Having acted on the acquisition of SGN in 2005, we are delighted to have assisted SSE with this high profile disposal and it was a pleasure to work alongside SSE’s in-house legal and finance teams. CMS prides itself on its reputation in the energy and infrastructure sectors (it is ranked Tier 1 for both Energy and Infrastructure) and this transaction is a further example of our involvement in many of the highest profile transactions in these sectors.”
Further commenting on the deal, Stephen Millar, CMS’ UK Managing Partner said:
“We are proud to have worked with SSE on this deal, one in which we have brought to the fore our deep sector knowledge. This sector knowledge is something that was significantly bolstered by our previous combination with Dundas & Wilson and again forms the cornerstone of the strategic rationale for our combinations with Nabarro and Olswang.”
