Sumitomo to acquire UK water utility firm SESW
Japanese trading conglomerate agrees to £164.5mn sale figure
By Gaurav Sharma | CFO UK | Published 16:21, 04 February 13
Japanese trading firm Sumitomo Corporation has agreed to buy UK utility Sutton and East Surrey Water (SESW) Group from Aqueduct Capital for £164.5 million, it was announced on Monday.
SESW, a regulated water supply company, has 655,000 customers in the South East of England, as well as a number of associated business interests and a property portfolio.
In the year ended 31 March 2012, SESW achieved a turnover of £68 million and employed 230 people.
In a statement, holding company Aqueduct said Citigroup and law firm Freshfields Bruckhaus Deringer had advised its shareholders in relation to the sale.
Commenting on the sale, Anthony Ferrar, managing director of SESW, said, "Aqueduct is leaving SESW well positioned for the future after several years of ownership during which time the team at SESW has enjoyed and benefited from their strong support."
"We are delighted to welcome Sumitomo Corporation and are looking forward to working with them to continue to achieve our objectives of delivering high quality water, long-term security and customer service in an efficient manner," he added.
Aqueduct is owned by infrastructure funds advised by iCON Infrastructure, pension funds managed by Canada's Public Sector Pension Investment Board and Alberta Investment Management Corporation.
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