Ontario Teachers' Pension Plan Board has reached agreement to acquire a 25% stake in Scottish Hydro Electric Transmission plc from SSE plc (LSE:SSE) for £1.5 billion on November 25, 2022. The sale of a minority stake will allow SSE as the majority shareholder to retain control in relation to operating and managing the business, with Ontario Teachers' to be proportionately represented on SSEN Transmission's Board of Directors. SSE's Finance Director Gregor Alexander will be Chair of this new Board and Rob McDonald will continue in his role as Managing Director for SSEN Transmission, along with other key members of SSEN Transmission's Leadership Team. The Transaction does not require SSE shareholders' approval. The transaction is expected to complete shortly. The proceeds will support the significant growth SSE continues to see in SSEN Transmission and further growth opportunities across SSE's other core businesses.

Morgan Stanley and Rothschild and Co acted as financial advisors and Freshfields Bruckhaus Deringer LLP acted as legal adviser to SSE. Evercore acted as financial adviser and Linklaters LLP acted as legal adviser to Ontario Teachers.