Slaughter and May is advising United Utilities on the sale of its last remaining non-regulated international business activity. The company’s 35.3% stake in Tallinn Water (AS Tallinna Vesi) is being sold to a consortium led by its existing partner, the City of Tallinn, for a cash consideration of EUR 100.26 million. United Utilities became the Estonian water company’s major shareholder when it was privatised in 2001 and a key partner in delivering an investment programme to upgrade the city’s fresh water supplies, sewage pumping stations and sludge treatment facilities.
Completion of the transaction is expected by April 2021, subject to the approval of the governing body of the City of Tallinn and merger control consent from the Competition Authority in Estonia.
Slaughter and May is working with Ellex Raidla who are advising on Estonian law. The Ellex Raidla team was Sven Papp (Partner) and Gerda Liik (Senior Associate).