SSE has agreed to sell a 16.7% equity stake in SGN to wholly owned subsidiaries of the Abu Dhabi Investment Authority (ADIA) for £621 million, based on an effective economic date of 1 April 2016. SSE owns half of SGN; the other owners are the Borealis Infrastructure Fund (partly owned by a Canadian pension fund) and a fund owned by the Ontario Teachers’ ­Pension Plan.

The transaction was due to be completed by the end of October, with the consideration being settled in cash. The sale follows a review announced by SSE in May 2016. SSE will retain a 33.3% equity stake in SGN.