UU gets £119m for half share of metering firm

UNITED Utilities has announced that it is to sell its 50% share of gas and electricity metering business Meter Fit for £119m.

The Warrington-based company said that the sale is part of its strategy of disposing of its non-regulated assets.

It is selling its stake to joint venture partner Marlin Acquisitions – a company ultimately controlled by insurance giant Prudential.

Marlin Acquisitions is paying UU £24m in cash and assuming Meter Fit’s debts of £95m.

The deal takes the total value of disposals of United Utilities’ non-regulated businesses to more than £600m since last November.