United Utilities (LSE:UU.), Britain’s largest listed water company, had entered into an agreement to sell its 100% owned subsidiary United Utilities Australia to a consortium led by Mitsubishi Corporation.
The deal will see the consortium pay A$176 million and assume A$49 million in debt, placing a value of A$225 million on the assets.
The consortium includes Mitsubishi Corporation, the Innovation Network Corporation of Japan, Manila Water Company and JGC Corporation.
United Utilities serves approximately 3.2 million premises and a population of approximately 7 million in the North West of England.
Disclosure: The author holds no positions in the company