14th Jun 2010 07:00
United Utilities Group PLC
14 June 2010
UNITED UTILITIES AGREES TO SELL ITS PRINCIPAL UK AND EUROPEAN NON-REGULATED
WATER INTERESTS
United Utilities today announces that it has agreed to sell its principal non-regulated water interests* in the United Kingdom and Europe to Veolia Water UK PLC. The transaction value is £174.2 million, comprising £108.6 million in cash on completion and £65.6 million in net debt assumed by the purchaser. A further £10 million in cash is payable on a deferred basis, subject to certain contingencies.
Completion of the transaction is expected in the second half of 2010 and is subject to a number of consents and regulatory approvals. United Utilities expects to retain the proceeds within the group.
United Utilities contacts:
Gaynor Kenyon, Communications Director +44 (0)7753 622282 Darren Jameson, Head of Investor Relations +44 (0)1925 237033 James Bradley / Tom Murray, Tulchan Communications +44 (0) 20 7353 4200
Notes
*United Utilities' principal non-regulated water interests include:
* its 57.8% holding in Sofiyska Voda AD in Bulgaria; * its 26.5% holding in AS Tallinna Vesi in Estonia; * its 33.2% holding in Aqua Spolka Akcyjna in Poland; * its stake in the 2010-15 capital management contract with Southern Water; * its stake in the capital delivery contract with Southern Water to manage the design and build of a new wastewater treatment works in the Brighton and Hove area; * its UK industrial solutions business; and * three Scottish private finance initiatives (33.33% of Catchment Moray Holdings Limited, 33.33% of Catchment Tay Holdings Limited and 50.0% of Catchment Highland Holdings Limited) and associated operations contracts.
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