Japanese firm buys 20 per cent of Bristol Water
Capstone Infrastructure has sold a 20 per cent stake in Bristol Water to Japanese-owned Itochu for around $68 million (£42 million).
The Canadian investment firm retains a controlling interest with 50 per cent of the water company. The remaining 30 per cent is held by Suez Environnement through subsidiary Agbar.
Itochu adds the Bristol Water stake to a global infrastructure portfolio including renewable energy and power generation, transport, water and desalination facilities.
Capstone said it would use the proceeds of the sale to reduce its debt maturing in 2012.
"Bristol Water remains a significant long-term investment for Capstone," said Capstone president Michael Bernstein. "This transaction clearly validates the value of our initial investment in Bristol Water and underlines the appeal of the UK water sector to infrastructure investors globally."
Source: Utility Week
Photo: Fox Kiyo
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