A consortium consisting of Ontario Teachers’ Pension Plan and Brookfield Super-Core Infrastructure Partners has agreed to acquire a combined 50 percent stake in Scotia Gas Networks (SGN), the second-largest gas distribution network in the United Kingdom.
The sellers are SSE and the Abu Dhabi Investment Authority, which are selling their 33.3 percent and 16.7 percent stakes, respectively.
Ontario Teachers, an existing SGN shareholder, will own an additional 12.5 percent in SGN and Brookfield will acquire a 37.5 percent stake. Following the close of the transaction, SGN’s direct shareholders will comprise Ontario Teachers (37.5 percent), Brookfield (37.5 percent) and OMERS Infrastructure (25 percent). StepStone clients are participating in both the Brookfield and Ontario Teachers’ investments.
IREI understands SGN has committed to achieve a net-zero climate impact by 2045 and is taking a leadership role in supporting the transition to a hydrogen economy.
