United Utilities sells off its Vertex outsourcing business

United Utilities sells off its Vertex outsourcing business

UK based United Utilities has said that they have sold off their Vertex outsourcing business to a consortium of private equity firms.

These private equity firms are headed by Oak Hill based in the United States. They sold off the company for around 217.5 million pounds.

The company further said that they expect the deal to be complete by the end of the current financial year. United Utilities had earlier said in December last year that they wanted to sell its Vertex business as part of its strategy to focus on its core skills. The company deals in managing water, wastewater, electricity and gas networks.

UU’s Chief Executive Philip Green said in a statement: “We believe this transaction serves the best interests of our shareholders, allowing the group to concentrate on its core skills. We aim to be a world class operator of utility infrastructure.”