United Utilities - Sale of principal UK and European non-regulated water interests

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Slaughter and May is advising United Utilities on the proposed sale of its principal non-regulated water interests in the United Kingdom and Europe to Veolia Water UK PLC. The transaction value is £174.2 million, comprising £108.6 million in cash and £65.6 million in net debt. A further £10 million in cash may be payable on a deferred basis.

The disposal, which was announced on 14 June 2010, is expected to complete in the second half of 2010.

Peter Brien (partner), Sophie Wood (associate), Daniel Wayte (associate), Michael Roy (associate); Pensions: Charles Cameron (partner), Tom Jackman (associate); Real Estate: Jane Edwarde (partner), Katie Wilcock (associate), Rebecca Taylor (associate); Competition: Isabel Taylor (partner); Tax: Graham Airs (partner), Jeanette Zaman (partner), Max Mittasch (associate)