United Utilities Sells 50% Holding In Meter Fit For GBP119 Million
30 Jul 2010
LONDON -(Dow Jones)- United Utilities Group PLC (UU.LN) said Friday it has agreed to sell its 50% holding in its non-regulated gas and electricity meter ownership business, Meter Fit, to its existing joint venture partner, Marlin Acquisitions Ltd, for GBP119 million.
MAIN FACTS:
-The consideration comprises of GBP24 million in cash and GBP95 million in net debt assumed by the purchaser; Completion of the transaction is expected in the second half of 2010.
-Since November 2009, United Utilities has now agreed non-regulated disposals for a total enterprise value of GBP600 million.
-Marlin Acquisitions Ltd is controlled by Infracapital Partners LP, a limited partnership managed by M amp;G Investment Management Ltd, which is a subsidiary of Prudential PLC (PRU.LN).
-Shares of United Utilities at 1120 GMT up 32.5 pence or 5.8%, at 593 pence, valuing the company at GBP4.04 billion.
-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal dowjones.com
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(END) Dow Jones Newswires
July 30, 2010 07:39 ET (11:39 GMT)
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