U.K. Utility Sutton Water Acquired by Sumitomo for $259 Million
Sutton & East Surrey Water Plc, a utility based in southeastern England, has been sold to the Japanese trading firm Sumitomo Corp. (8053) for 164.5 million pounds ($259 million), owner Aqueduct Capital Ltd. announced today.
Anthony Ferrar, managing director of SESW, said in a statement that “we are delighted to welcome Sumitomo Corp. and are looking forward to working with them to continue to achieve our objectives of delivering high-quality water, long-term security and customer service in an efficient manner.”
Nomura acted as a financial adviser to Sumitomo on the SESW deal, Becca Daniel, a Nomura spokeswoman, confirmed in an e-mail from London. The holding company Aqueduct is owned by infrastructure funds advised by iCON Infrastructure, pension funds managed by Canada’s Public Sector Pension Investment Board and Alberta Investment Management Corp.
The Sunday Times said Jan. 27 that China’s Beijing Water Authority was poised to buy the Redhill-based utility. SESW serves 655,000 customers in east Surrey, West Sussex, west Kent and south London.
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