SSE to Sell 50% of Enterprise Telecoms Arm to Prudential M&G

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By Adam Clark

SSE PLC (SSE.LN) said Friday that it will sell a 50% stake in its U.K. enterprise telecoms business to Prudential PLC's (PRU.LN) Infracapital for up to 380 million pounds ($480.9 million).

SSE said it will receive an initial GBP215 million, plus up to GBP165 million in contingent payments based on business objectives and financial targets.

The proceeds of the sale will be used to reduce SSE's net debt and the deal is expected to close by the end of June.

Infracapital is the infrastructure arm of Prudential's European savings-and-investment business, M&G. It has raised and managed more than GBP5 billion across five funds since 2001.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

December 21, 2018 06:41 ET (11:41 GMT)

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