Shanks snaps up Utd Utilities' PFI waste business

5th Oct 2010 13:19

Waste management firm Shanks has bought the UK waste PFI interests of United Utilities, taking the blue chip firm's place on all of its existing bids.These include preferred bidder for a PPP municipal solid waste treatment contract for both Derbyshire County and Derby City Councils and short-list positions at Leicester, Derry and Gloucester. Apart from a "small" initial payment any consideration is dependent on the successful financial closure of individual projects and is payable from win fees."The sale of the PFI equity stakes and the addition of UU's PFI waste business simplifies our PFI business and strengthens our position as one of the leading operators in the UK PFI waste market," said chief executive Tom Drury.Last week, Shanks sold all of the subordinated debt and 80% of the equity in the East London Waste Authority and Dumfries & Galloway PFI contracts to John Laing Investments.