JPMorgan consortium to acquire Southern Water from RBS
11 Oct 2007
1
Mumbai:
A group of investors led by JPMorgan Chase & Co. has agreed to pay $2.6
billion (1.3 billion pounds) for Southern Water Capital Ltd., the fastest-growing
UK water and wastewater company.
Greensands Investment Ltd., which also includes UBS AG, Access Capital Partners and Challenger Infrastructure Fund, will buy the utility from Royal Bank of Scotland Group Plc, assuming 2.9 billion pounds of debt. Hermes Pensions Management Ltd. and Paceweald Ltd. are also partners.
JPMorgan beat bidders led by Goldman Sachs Group Inc., people familiar with the offers said.
Sales
at Southern Water rose 6.3 per cent to 575.8 million pounds last year, according
to the company''s website.
