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Tuesday, 11 May 2010 00:00

United Utilities to sell United Utilities Australia

United Utilities has announced that it is to sell United Utilities Australia to a consortium led by Mitsubishi Corporation.

United Utilities has entered into an agreement to sell its 100 per cent owned subsidiary United Utilities Australia Pty Limited and related entities to a consortium led by Mitsubishi Corporation.  The transaction value is approximately 225 million Australian dollars (AUD), comprising AUD176 million in cash and AUD49 million in net debt assumed by the purchaser.

The consortium comprises Mitsubishi Corporation, the Innovation Network Corporation of Japan, Manila Water Company, Inc. and JGC Corporation. The transaction is subject to a number of consents and regulatory approvals.  It is expected that financial close will be achieved in the second half of 2010.

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