Adia acquires Scottish gas assets

18 October 2016

Fund makes $760m acquisition

Abu Dhabi Investment Authority (Adia) has acquired a 16.7 per cent stake in Scotia Gas Networks (SGN) from the UK’s SSE.

The stake is worth £621m ($760m).

The transaction will be completed by the end of October 2016, and will be settled in cash.

SSE will retain a 33.3 per cent share. It acquired a 50 per cent equity stake in SGN in 2005 for a total of £505m.

Adia aims to invest between 1 and 5 per cent of its portfolio in infrastructure.

SGN manages the network that distributes natural and green gas to 5.9 million consumers in Scotland and the south of England.

SGN manages £5bn worth of assets, and had a turnover of £1.1bn in the year ending March 2016. It had an operating profit of £512m.

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