United Utilities is selling its Vertex Data Science business process outsourcing subsidiary to a consortium of...
US-based private equity firms for £217.5m.
The consortium is led by Oak Hill Capital Partners, and also includes GenNx360 and Knox Lawrence International.
The sum paid includes cash, the repayment of intra-group debt and the retention by the purchaser of certain liabilities of Vertex.
Completion of the sale is expected by the end of March, said United.
United announced that it would be offloading Vertex at the time of its interim results last December.
United believes the interests of its shareholders are best served by concentrating on the group’s core skills of managing water, wastewater, electricity and gas networks.
Under United’s ownership, Vertex had moved from being an in-house service provider to establishing itself as a business process outsourcing firm serving a number of other firms and public sector organisations, including Westminster Council.
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