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United Utilities to sell stake in Estonia's Tallinn Water for $121 million

·1-min read

(Reuters) - United Utilities Group said on Wednesday it has agreed to sell its stake in Estonia's Tallinn Water for 100.3 million euros ($120.54 million), marking the water company's exit from unregulated international markets.

The sale of the 35.3% stake to a consortium led by United Utilities' existing partner, the city of Tallinn, is expected to close by April, the London-listed company said.

The deal needs to be approved by the governing body of Tallinn, the capital of Estonia, and get consent from the competition watchdog in the country.

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United Utilities became the Estonian company's major shareholder when it was privatised in 2001, becoming a partner in upgrading Tallinn's fresh water supplies, sewage pumping stations and sludge treatment facilities.

The proceeds from the sale would go to improving service for its customers in the north west of England, United Utilities said.

One of Britain's largest listed water companies, United Utilities said Wednesday's announcement marked the sale of its last remaining non-regulated international business activity.

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(Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta)