Japan's Sumitomo buys British water supply firm in deal worth US$455 mil.
AFPTOKYO -- Japanese trading giant Sumitomo said Tuesday it has bought Britain-based water supply and distribution firm Sutton & East Surrey Water (SESW), for a reported US$455 million.
February 6, 2013, 12:00 am TWN
Sumitomo and its European subsidiary bought 100 percent of East Surrey Holdings, which owns SESW, the Japanese firm said in a statement.
“Sumitomo will be involved in the operation and management of SESW and will endeavor to contribute to improve quality of service by leveraging Sumitomo's extensive water sector experience,” it added.
Sumitomo did not make public the purchase price, which the leading Nikkei business daily estimated to be 42 billion yen (US$455 million).