Warrington-based water giant United Utilities said on Wednesday it has agreed to sell its “last remaining non-regulated international business activity.”
The company’s 35.3% stake in Tallinn Water (AS Tallinna Vesi) is being sold to a consortium led by its existing partner, the City of Tallinn, for €100.26 million in cash.
United Utilities became the Estonian company’s major shareholder when it was privatised in 2001 and a key partner in delivering an investment programme to upgrade the city’s fresh water supplies, sewage pumping stations and sludge treatment facilities.
Simon Gardiner, United Utilities company secretary, said: “United Utilities is grateful for the City of Tallinn’s trust and opportunity to be a partner in delivering essential water services for more than 20 years.
“We have always tried to repay this trust by working hard to improve every aspect of this service for our customers in Tallinn and we believe that the company has truly succeeded at this.
“While United Utilities has played its part, this would not have been possible without the skill and efforts of the dedicated employees of the company.
“My special thanks go to them and, in particular, to the management board whose guidance and leadership have been exceptional.”