United Utilities Sells 50% Holding In Meter Fit For GBP119M

30th Jul 2010 12:24

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&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, [email protected] (END) Dow Jones Newswires July 30, 2010 07:24 ET (11:24 GMT)