Infracapital buys 50% of business
SSE offloads half stake in telecoms business for £380m
SSE will use the proceeds to reduce debt
Energy company SSE has sold a 50% share of its SSE Enterprise Telecoms business (SSEET) to Infracapital for £380m.
SSEET is an infrastructure provider that delivers connectivity services to businesses through its private UK-wide telecoms network.
The cash proceeds of the sale will be used to reduce Perth-based SSE’s net debt.
Neil Kirkby, SSE Enterprise managing director, said: “Infracapital has a proven record of actively supporting the companies they work with; this partnership heralds an exciting era of growth for our dynamic telecoms business.
“We both see huge opportunities for organisations capable of providing infrastructure that help give businesses reliable high-speed connectivity.”
James Harraway, Infracapital director, said: “High-speed connectivity is vital to economic growth and prosperity and we are delighted to announce this partnership.
“SSE Enterprise Telecoms is an established telecoms infrastructure provider, with a 12,000km fibre network, and is well positioned to support growth in this critical sector.
“We look forward to working closely with our new partners as the business continues to grow, deliver new projects and expand its networks.”