United Utilities concludes £600m sell-off
UNITED Utilities has completed the disposal of the non-regulated parts of its business – a major sell-off which raised £600m.
The Warrington-based water and sewerage group started selling various stakes in other companies and overseas ventures last year after a price review by the regulator OFWAT said the company must cut bills by 2.6% by 2015.
The programme saw the group dispose of some 14 assets but it has decided to hold on to a 35% stake in Estonian water company Tallinna Vesi.
In a statement the FTSE 100 group said: “United Utilities today announces that it has completed its non-regulated disposal programme. As outlined previously, the various sales have achieved a total enterprise value of approximately £600 million. United Utilities has taken the decision to retain its 35.3% holding in AS Tallinna Vesi.”
The sell-off included:
* 15% investment in Leeds-based Northern Gas Networks Holdings.
* 11.67% economic interest in the Manila Water Company.
* 100% owned subsidiary United Utilities Australia and related
entities.
* 77.1% holding in Sofiyska Voda AD in Bulgaria.
* 33.2% holding in Aqua Spolka Akcyjna in Poland.
* Stake in the 2010-15 capital management contract with Southern Water.
* 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.
* UK industrial solutions business.
* Three Scottish private finance initiatives (33.33% of Catchment Moray Holdings, 33.33% of Catchment Tay Holdings and 50% of Catchment Highland Holdings) and associated operations contracts.
* 50% holding in its non-regulated gas and electricity meter ownership business, Meter Fit.
* Electricity operations and maintenance business in the North West of England.
* Operations, maintenance and capital management contract with Northern Gas Networks.
* Gas and electricity metering installation contract with British Gas Trading.
* Derbyshire municipal solid waste (MSW) preferred bidder position and other MSW related interests.
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