United Utilities has agreed to let go of its last non-regulated overseas business interest by selling its 35.3 per cent share in Estonian water company Tallinna Vesi.
The company has held a stake in the business for more than 20 years and will earn £87.9 million from the sale, which it said will be used to improve customer and community services to help drive the green recovery in the region.
Simon Gardiner, company secretary and chairman of the supervisory board at Tallinna Vesi, said the company was grateful for the opportunity the partnership had given to UU and for the trust it had been given to deliver water services in Tallin.
“We have always tried to repay this trust by working hard to improve every aspect of this service for customers in Tallinn and we believe that the company has truly succeed at this. While United Utilities has played its part, this would not have been possible without the skill and efforts of the dedicated employees of the company.”
The sale is due to complete in April, subject to approval by the governing body to Tallinn and the Estonian competition authority.