Business
Severn Trent Plc - sale of North American business
Severn Trent Plc - sale of North American business.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 8454J Severn Trent PLC 03 July 2017 \n\n3 July 2017\n \n \n \n \nSevern Trent Plc - sale of North American business\n \nSevern Trent is pleased to announce the sale of its North American business (Operating Services, US) to US investors PPC Enterprises LLC and Alston Capital Partners LLC. \n \nSevern Trent's North American business operates and manages water and wastewater systems, and provides management services to municipalities and local communities. It operates in all aspects of the water and wastewater process including treatment, networks and customer service.\n \nLiv Garfield, Severn Trent Chief Executive, said: \n \n\"The North American division is a strong business that will be better able to grow and flourish under a new USA-based owner. Its sale enables the Severn Trent Group to focus on its core strategic activities.\"\n \nSevern Trent will provide a restatement of prior-year results taking account of the divestment in its Q1 trading update on 19 July 2017. The business will be reported as a discontinued operation in Severn Trent Plc's half-year 2017/18 results announcement on 23 November 2017. \n \nThe sale values the business at $62 million (£48 million1). Proceeds will be used for general corporate purposes. \n \nEY Corporate Finance acted as sole financial adviser to Severn Trent, in respect of this divestment.\n \n1. Assumed exchange rate USD:GBP 0.780 at completion\n \n \n\n\n\n\nEnquiries\n \n\n\n\n\n\n\n\n\n\n\nInvestors & Analysts\n \n\n\n\n\n\n\n\n\n\n\nRuban Chandran\n\n\nSevern Trent Plc\n\n\n+44 (0) 7957 166615\n\n\n\n\nHead of Investor Relations\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRichard Tunnicliffe\n\n\nSevern Trent Plc\n\n\n+44 (0) 7834 419722\n\n\n\n\nInvestor Relations Manager\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMedia\n \n\n\n\n\n\n\n\n\n\n\nSevern Trent Press Office\n\n\nSevern Trent Plc\n\n\n+44 (0) 2477 715640\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJonathan Sibun\n\n\nTulchan \n\n\n+44 (0) 207 353 4200\n\n\n\n\n \n\n\n \nCautionary statement regarding forward-looking statements\n \nThis document con...