CANBERRA, Australia, May 11, 2010 -- United Utilities has sold its 100% owned subsidiary United Utilities Australia (UUA) and its Australian related entities to a consortium that includes Manila Water Company (MWC), Mitsubishi Corporation (MC), Innovation Network Corporation of Japan (INCJ) and JGC Corporation (JGC) for approximately AUD225 million.
The transaction comprised AUD176 million in cash and AUD49 million in net debt and the participation of INCJ means this is the first water project involving a Japanese public private consortium outside of Japan.
The consortium will undertake UUA's existing 14 projects, including water, wastewater, industrial and desalination in four states, and will take asset ownership of the infrastructure.
Since its inception in 1991, UUA has provided a range of water and wastewater services to over three million people through a number of projects across Australia. UUA’s capabilities cover the full life cycle of water and wastewater treatment projects including project finance, design and construction upgrades and refurbishments, operation and maintenance, asset management, utility services, laboratory testing, billing and customer services.