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03 Feb 2021 | 09:22

United Utilities to sell stake in Tallinn Water

(Sharecast News) - United Utilities said on Wednesday that it has agreed to sell its stake in Estonia's Tallinn Water for €100.26m in cash. The 35.3% interest will be sold to a consortium led by its existing partner, the City of Tallinn. United Utilities became the company's major shareholder when it was privatised in 2001 and a partner in delivering an investment programme to upgrade the city's fresh water supplies, sewage pumping stations and sludge treatment facilities.

Completion of the deal is expected by April and the proceeds will be used to support United Utilities "in taking further steps to improve services for customers and communities in the north west of England, helping to drive a green recovery for the region".

Tallinn Water is United Utilities' last remaining non-regulated international business.

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