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.
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