Fri, 29 Jun 2012 | DIVISION SALE
French water utility firm Veolia Environnement has spun off three UK water businesses to reduce its debt pile.
Rift Acquisitions is to purchase Veolia Waters’ central, South East and East-based operations, including debt, for a total of £1.24 billion. Rift is a fund managed by Morgan Stanley and Prudential’s M&G.
The French group is to keep a ten per cent holding in the regulated water business for at least five years, as well as its entire Veolia Water Outsourcing business, a service provider to other UK water businesses.
Veolia Water’s 1,250 employees work to keep over 3.5 million people supplied with running water in their homes in the South of the UK.
Veolia Environnement is on a mission to sell off 5 billion euros of assets by 2013 to bring it back to profits. A 90 million euro ($111.7 million) accounting fraud came to light at a subsidiary in the US, which sent the group into a loss.
In response, chief executive Antoine Frerot put plans in place in December to bring down the group’s debts from 15 billion euros to 12 billion euros by 2013. In the restructuring plan, Veolia wants to exit about 50 per cent of the 77 countries it operates in.
Opportunity to acquire a well-established builders merchants located in South Wales, offering a robust reputation and a strong customer base.
An exciting opportunity has arisen to acquire a group of established cafes and bars situated in prime locations across three vibrant areas of Bristol.
LEASEHOLD
An exclusive chance to acquire a network of 17 well-established convenience and off-licence stores located in the North of England.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.