Sale of the Sutton and East Surrey Water Group (“SESW Group”)

Posted: Wednesday 13th February 2013

Aqueduct Capital (UK) Limited (“Aqueduct”) announced today that it has agreed to sell the SESW Group to Sumitomo Corporation for a consideration of £164.5 million.

The SESW Group comprises Sutton and East Surrey Water plc (“SESW”), a regulated water supply company serving 655,000 customers in the South East of England, as well as a number of complementary associated businesses and property interests. Aqueduct is owned by infrastructure funds advised by iCON Infrastructure LLP, pension funds managed by the Public Sector Pension Investment Board and pension, endowment and government funds managed by Alberta Investment Management Corporation.

Anthony Ferrar, Managing Director of SESW, said:

“Aqueduct is leaving SESW well positioned for the future after several years of ownership during which time the team at SESW has enjoyed and benefited from their strong support. We are delighted to welcome Sumitomo Corporation and are looking forward to working with them to continue to achieve our objectives of delivering high quality water, long-term security and customer service in an efficient manner.”

Paul Malan, Senior Partner of iCON Infrastructure LLP, said:

“We and our fellow shareholders are privileged to have been involved in the SESW Group over the past seven years. During this time, we have tremendously enjoyed working with the excellent team to achieve outstanding outcomes for all of its stakeholders, including successfully delivering on a substantial investment program which positions the company well for the future. We are pleased to be able to pass ownership of the SESW Group to a new owner of the strength and reputation of Sumitomo Corporation, with its high aspirations for this critical business, its people and its customers.”

Citigroup Global Markets Limited and Freshfields Bruckhaus Deringer LLP advised Aqueduct and its shareholders in relation to the sale.

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