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| RWE sells Thames Water Holdings plc to Kemble Water Limited  RWE has agreed to sell Thames Water Holdings plc to Kemble Water Limited, a consortium led by Macquarie's European Infrastructure Funds. The transaction was approved today by the Management Board of RWE AG. It remains subject to approval by the Supervisory Board of RWE AG, who is due to meet during the coming weekend, and by relevant antitrust authorities. The transaction is expected to close by early December. The purchase price for Thames Water amounts to GBP 4.8 billion. Thames Water has a pro forma net debt of GBP 3.2 billion which implies an enterprise value of GBP 8.0 billion.RWE expects this transaction to result in a book gain of at least in the mid hundreds of millions of Euros. The transaction comprises the activities of Thames Water in the UK and certain international operations. Thames Water's Continental European activities have already been integrated into RWE Energy as previously announced on 4 November 2005. "The divestiture of Thames Water is a major milestone in RWE's strategy to focus on its core strengths and concentrate on the converging European electricity and gas markets", explained Harry Roels, CEO of RWE AG at the announcement of the transaction. write your comments about the article :: © 2006 Construction News :: home page |