United Utilities Group PLC Sale of stake in Tallinn Water (AS Tallinna Vesi) (8501N)
February 03 2021 - 4:16AM
UK Regulatory
TIDMUU.
RNS Number : 8501N
United Utilities Group PLC
03 February 2021
United Utilities Group PLC
3 February 2021
UNITED UTILITIES AGREES TO SELL ITS STAKE IN TALLINN WATER
United Utilities today announces that it has agreed to sell its
last remaining non-regulated international business activity. The
company's 35.3 per cent stake in Tallinn Water (AS Tallinna Vesi)
is being sold to a consortium led by its existing partner, the City
of Tallinn, for a cash consideration of EUR 100.26 million. United
Utilities became the Estonian company's major shareholder when it
was privatised in 2001 and a key partner in delivering an
investment programme to upgrade the city's fresh water supplies,
sewage pumping stations and sludge treatment facilities.
Simon Gardiner, Company Secretary, and the representative of
United Utilities and the Chairman of the Supervisory Board of AS
Tallinna Vesi, said "United Utilities is grateful for the City of
Tallinn's trust and opportunity to be a partner in delivering
essential water services for more than 20 years. We have always
tried to repay this trust by working hard to improve every aspect
of this service for our customers in Tallinn and we believe that
the company has truly succeeded at this. While United Utilities has
played its part, this would not have been possible without the
skill and efforts of the dedicated employees of the company. My
special thanks go to them and, in particular, to the management
board whose guidance and leadership have been exceptional".
Completion of the transaction is expected by April 2021, subject
to the approval of the governing body of the City of Tallinn and
merger control consent from the Competition Authority in Estonia.
Proceeds of the sale will support United Utilities in taking
further steps to improve services for customers and communities in
the north west of England, helping to drive a green recovery for
the region.
United Utilities contacts:
Gaynor Kenyon, Corporate Affairs Director +44 (0) 7753
622282
Robert Lee, Head of Investor Relations +44 (0) 1925 237033
Graeme Wilson, Tulchan Communications +44 (0) 20 7353 4200
LEI 2138002IEYQAOC88ZJ59
Classification - Sale of stake in AS Tallinna Vesi
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END
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