Announcement of conditional sale of Aquarion Company Inc. (“Aquarion”)
24/02/2006
HIGHLIGHTS
- Conditional sale of Kelda’s U.S. water business Aquarion
for an enterprise value of approximately $860m
(£491m)
- Purchaser is Macquarie Bank and certain of its affiliates
(“Macquarie”)
- Completion contingent upon regulatory clearances, anticipated
to be in the second half of 2006
- No material profit or loss on sale is expected.
Chief Executive of Kelda, Kevin Whiteman commented:
‘We have kept our options for Aquarion under regular
review. Given the current high valuations of US water businesses
and therefore limited opportunities for acquisition without further
major investment, we believe it is in the best interests of Kelda
shareholders and Aquarion to sell the business and exit the US.
“We believe that the terms we have negotiated with
Macquarie represent a positive outcome for our shareholders and
provide the basis for strong and committed new ownership for
Aquarion.”
Enquiries:
Kelda
Kevin Whiteman (Chief Executive) +44 1274 692 183
Martin Towers (Group Finance Director) +44 1274 804 220
Greenhill
James Lupton (Managing Director) +44 20 7440 0400
Scott Bok (Managing Director) +1 212 389 1520
Tulchan Communications
David Trenchard +44 20 7353 4200
Peter Hewer +44 20 7353 4200
View the
full document in PDF format (102 KB).
In order to read this format you will need the
Acrobat Reader.
 |
