PERTH (SCOTLAND) (dpa-AFX) - SSE plc. (SSE.L) said that it agreed to sell a 50% share of its SSE Enterprise Telecoms business or SSEET to Infracapital for a total consideration of up to 380 million pounds.
The consideration comprises of 215 million pounds, less a small adjustment for working capital, to be paid on completion of the transaction, which is expected to be by the end of June 2019 at the latest; up to 85 million pounds deferred consideration based on SSEET achieving certain business objectives; and up to 80 million pounds to be paid in a series of instalments in the five-year period to 2024, based on financial targets for out-performance.
SSEET is an infrastructure provider that delivers leading edge connectivity services to businesses through its private UK-wide telecoms network. It is committed to helping the UK realise its digital ambitions through infrastructure investment and innovation.
SSE noted that the cash proceeds of this transaction will be used to reduce its net debt.
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