United Utilities sells Australian arm for A$225m

10th May 2010 10:09

Water company United Utilities has agreed to sell its Australian business to a consortium led by Mitsubishi Corporation for A$225m.The consideration payable for United Utilities Australia includes A$176m in cash and A$49m in net debt.The consortium comprises Mitsubishi Corporation, the Innovation Network Corporation of Japan, Manila Water Company and JGC Corporation.The deal 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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