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Allianz-led consortium buys British water utility Affinity
May 2, 2017 / 8:07 AM / 7 months ago

Allianz-led consortium buys British water utility Affinity

FRANKFURT, May 2 (Reuters) - A consortium led by Germany’s Allianz has agreed to buy a 90 percent stake in British water utility Affinity Water from Infracapital and Morgan Stanley Infrastructure for 687 million pounds ($884 million), the companies said on Tuesday.

* As part of the transaction, the buyers are also purchasing Veolia Water UK Ltd’s 10 percent indirect stake in Affinity, they said

* The transaction is expected to be completed by the end of May

* Affinity Water owns and manages the water assets and network in an area of around 4,500 square kms in the southeast of England. It supplies 1.5 million homes and businesses.

* The buyer consortium comprises Allianz with a 36.6 percent stake, DIF with 26.9 percent and HICL, managed by InfraRed Capital Partners, with 36.6 percent.

* Citi acted as the financial advisor to Infracapital and MSI on the deal, with Clifford Chance LLP acting as legal advisor. ($1 = 0.7769 pounds) (Reporting by Maria Sheahan; Editing by Harro ten Wolde)

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