United Utilities agrees to sell its stake in Meter Fit

30 July 2010

United Utilities today announces that it has agreed to sell its 50 per cent holding in its non-regulated gas and electricity meter ownership business, Meter Fit*, to its existing joint venture partner, Marlin Acquisitions Limited**.  The transaction value is approximately £119 million, comprising £24 million in cash and £95 million in net debt assumed by the purchaser.  Completion of the transaction is expected in the second half of 2010 and is subject to a number of consents.

Since November 2009, United Utilities has now agreed non-regulated disposals for a total enterprise value of approximately £600 million.

United Utilities contacts:

Gaynor Kenyon, Communications Director +44 (0)7753 622282
Darren Jameson, Head of Investor Relations +44 (0)1925 237033
 
James Bradley / Tom Murray, Tulchan Communications +44 (0) 20 7353 4200

Notes

*Comprises Meter Serve (North West) Limited and Meter Serve (North East) Limited

**Marlin Acquisitions Limited is controlled by Infracapital Partners LP, a limited partnership managed by M&G Investment Management Limited which is a subsidiary of Prudential PLC