(RTTNews) - Monday evening, Germany-based utility company, RWE AG revealed that it agreed to sell Thames Water Holdings plc to Kemble Water Ltd., a consortium led by Australia-based Macquarie Bank Ltd. (MQBKY.PK), so as to concentrate on the converging European electricity and gas markets. The deal is valued at GBP 8.0 billion, including pro forma net debt, and is expected to close by early December.

RWE said that the purchase price for Thames Water amounts to GBP 4.8 billion, while its pro forma net debt is GBP 3.2 billion, thereby implying an enterprise value of GBP 8.0 billion. The transaction has been approved by RWE's management board, but is to be approved by its supervisory Board and relevant antitrust authorities. Further, the company said that it expects the transaction to result in a book gain.

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Posted by pichu at October 17, 2006 9:52 AM