Enron's Wessex Water Close to Being Sold

March 5, 2002

Wessex Water, the utility company being sold by collapsed energy trader Enron, may be bought for more than £1.2 billion by a consortium including two British banks.

Royal Bank of Scotland and Abbey National, together with GE Capital of the US were reported to have bid over £1.2 billion for the group, said The Business newspaper.

Sale of Wessex is being handled by US investment bank Schroder Salomon Smith Barney, and the paper understands the consortium submitted a revised conditional bid last Friday.

The consortium is believed to be one of three left in the running.

Others are thought to include Hong Kong's Cheung Kong Infrastructure and YTL, the Asian energy group, although it was not known whether YTL had submitted a revised bid.

Italian energy group Enel is understood to have withdrawn.

It is thought Schroders will award exclusivity to one of the bidders shortly with the transaction set to be completed by the end of the month.

Enron bought Wessex Water in 1998 for £1.5 billion. The utility firm provides water supply and sewerage services in Dorset, Somerset, Bristol, Bath, most of Wiltshire and parts of Gloucestershire, Hampshire and Devon.

Source: The Times

Sponsored Recommendations

Blower Package Integration

March 20, 2024
See how an integrated blower package can save you time, money, and energy, in a wastewater treatment system. With package integration, you have a completely integrated blower ...

Strut Comparison Chart

March 12, 2024
Conduit support systems are an integral part of construction infrastructure. Compare steel, aluminum and fiberglass strut support systems.

Energy Efficient System Design for WWTPs

Feb. 7, 2024
System splitting with adaptive control reduces electrical, maintenance, and initial investment costs.

Blower Isentropic Efficiency Explained

Feb. 7, 2024
Learn more about isentropic efficiency and specific performance as they relate to blowers.