Asset sale deal boosts United Utilities share price

Date: 30 July 2010, 18:05
 
United Utilities shares have risen after the firm said it is to sell its 50 per cent stake in Meter Fit.
Alt News Text Shares in the firm have risen
 

United Utilities stock has surged higher on the FTSE 100 today (July 30th) after the firm announced it has agreed a deal to sell its stake in Meter Fit.

The utilities provider currently has a 50 per cent holding in non-regulated gas and electricity meter ownership firm, which will be purchased by current joint venture partner Marlin Acquisitions.

By 13:22 BST, shares in United Utilities were up 28.5p on the FTSE, pricing them at 589p.

The transaction is valued at around £119 million and is expected to be completed in the second half of the year, providing approval is granted by the relevant regulatory bodies.

This latest deal means the company has now agreed to dispose of assets worth around £600 million since November 2009.

Last month, the firm revealed operating profit for the year to March 31st climbed to £817.9 million, up from the £729.5 million recorded during the previous 12-month period.

Posted by Gareth Mann
 
 
 

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