RWE, the second-biggest power supplier in Germany, said late Monday that it has agreed to sell its British water utility Thames Water to a consortium headed by Australian bank Macquarie.
The purchase price amounted to 4.8 billion pounds (7.2 billion euros, 8.9 billion dollars), RWE said in a statement. But with Thames Water's net debt totalling 3.2 billion euros, the transaction was valued at a total 8.0 billion pounds or 11.9 billion euros, the statement said.
Purchaser is Kemble Water Ltd, a consortium led by Macquarie's European Infrastructure Funds, RWE said.
The transaction was still subject to the necessary regulatory approval and was expected to be completed by early December, RWE said.
"The divestiture of Thames Water is a major milestone in our strategy of focussing on our core strengths and concentrating on the converging European electricity and gas markets," said RWE chief executive Harry Roels.
Reading-based Thames Water is the largest water and sewage service provider in Britain, supplying drinking water to eight million people and sewage services to 13 million customers.
Source: Agence France-Presse
