German utility RWE has agreed to sell Thames Water to a Macquarie-led consortium for £4.8 billion plus £3.2 billion of debt, realising a £500m profit on a company bought in 2001.
The Australian bank beat rivals including a consortium comprising the Qatar Investment Authority and UBS’s global infrastructure fund, and Terra Firma. The transaction is expected to be completed by early December, although it requires RWE board approval this weekend.
“We view the high price secured for its assets as pos
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