23rd Jun 2016 06:46
LONDON (Alliance News) - BGEO Group PLC on Thursday said it has agreed to acquire the remaining 75% of Georgian Global Utilities Ltd it does not already own.
BGEO said the deal values Georgian Global Utilities, which supplies wastewater services in Georgia to 1.4 million people in Tbilisi, Mtskheta and Rustavi, at GEL287.5 million.
It will acquire the remaining stake for USD70.0 million in cash.
"I am delighted to announce the successful purchase of the remaining stake in GGU. The buy-out of the remaining 75% of GGU fits into our strategy to acquire attractive businesses which can be monetised within a six year period, via an IPO or an M&A trade," said BGEO Chief Executive Irakli Gilauri.
By Sam Unsted; [email protected]; @SamUAtAlliance
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