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United Utilities sells Australian arm for A$225 mln to Mitsubishi-led consortium

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