British utility SSE to exit Scotia Gas stake for $1.70 billion

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FILE PHOTO: An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry

(Reuters) - Britain's SSE said on Monday it will sell its entire 33.3% stake in Scotia Gas Networks for 1.225 billion pounds ($1.70 billion) to a Canadian consortium of Ontario Teachers' Pension Plan Board and Brookfield Super-Core Infrastructure Partners.

Proceeds from the exit of the gas distribution operator will be used to cut net debt in the short term and support investment plans, the London-listed utility said, adding that SSE will provide an update during its interim results in November.

The deal is part of SSE's disposals programme announced in June last year and is expected to complete within the current financial year, the company said.

($1 = 0.7191 pounds)

(Reporting by Pushkala Aripaka in Bengaluru; editing by Uttaresh.V)

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