By Hans van Leeuwen and Madelene Pearson

Oct. 2 (Bloomberg) -- Hastings Funds Management Ltd., an Australian infrastructure and alternative investment fund, agreed to buy South East Water Ltd., the U.K.'s second-largest water-only utility for 665.4 million pounds ($1.2 billion), increasing its customers almost fourfold.

Hastings Diversified Utilities Fund, the publicly traded unit, will pay 92 million pounds and unlisted Utilities Trust of Australia will fund the balance, Hastings Funds said in a filing to the Australian Stock Exchange today.

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Posted by pichu at October 2, 2006 4:38 PM