SSE has agreed to sell a 50 percent share of its SSE Enterprise Telecoms business to Infracapital for up to £380 million ($484 million).
The consideration comprises:
- £215 million ($274 million) (less a small adjustment for working capital), to be paid on completion of the transaction, which is expected by the end of June 2019 at the latest;
- up to £85 million ($108 million) deferred consideration based on SSEET achieving certain business objectives; and
- up to £80 million ($102 million) to be paid in a series of installments in the five-year period to 2024, based on financial targets for outperformance.
SSEET is an infrastructure provider that delivers leading-edge connectivity services to businesses through its private U.K.-wide telecommunications network. It is committed to helping the United Kingdom realize its digital ambitions through infrastructure investment and innovation.
