Business
Agreement to sell United Utilities Australia
Agreement to sell United Utilities Australia.
About this update from United Utilities Group Plc
[{"type":"text","content":"\n \nUnited Utilities Group PLC\n\n10 May 2010\n\nUNITED UTILITIES AGREES TO SELL UNITED UTILITIES AUSTRALIA TO A CONSORTIUM LED \n BY MITSUBISHI CORPORATION \n\nUnited Utilities today announces that it has entered into an agreement to sell\nits 100 per cent owned subsidiary United Utilities Australia Pty Limited and\nrelated entities (\"UUA\") to a consortium led by Mitsubishi Corporation. The\ntransaction value is approximately AUD225 million, comprising AUD176 million in\ncash and AUD49 million in net debt assumed by the purchaser.\n\nThe consortium comprises Mitsubishi Corporation, the Innovation Network\nCorporation of Japan (\"INCJ\"), Manila Water Company, Inc. and JGC Corporation\n(\"the Consortium\").\n\nThe transaction is subject to a number of consents and regulatory approvals. It\nis expected that financial close will be achieved in the second half of 2010.\n\nUnited Utilities contacts:\n\nGaynor Kenyon, Communications Director +44 (0)7753 622282 \n \nDarren Jameson, Head of Investor Relations +44 (0)1925 237033 \n \nJames Bradley / Tom Murray, Tulchan Communications +44 (0) 20 7353 4200 \n\nNotes\n\nInformation regarding United Utilities and UUA:\n\nUnited Utilities is the United Kingdom's largest listed water company. Its\nregulated water business serves approximately 3.2 million premises and a\npopulation of approximately 7 million in the North West of England. United\nUtilities also applies its utility skills to manage and operate other utility\ninfrastructure.\n\nSince its inception in 1991, UUA has established itself as a strong participant\nin the Australian water industry, providing a range of water and wastewater\ntreatment services to over 3 million people through a number of projects across\nAustralia. UUA's capabilities cover the full life cycle of water and wastewater\ntreatment projects including project finance, design and construction upgrades\nand refurbishments, operation and maintenance, asset management, utility\nservices, laboratory testing, billing and customer services.\n\nInformation regarding the Consortium:\n\nThe Consortium has substantial investments in the water and wastewater\ntreatment sectors globally and adds significantly to the expertise and\nexperience of the existing UUA management team in the provision of design and\nconstruction, operation and maintenance and asset management se...