Sound investment

22/04/2005

Suez, yesterday announced that it has sold Suez Environment's 25% share in Northumbrian Water to Ontario Teachers’, a Canadian Pension Fund, for approximately £260 million.

The Ontario Teachers’ Pension Plan is one of Canada’s largest financial institutions which invests to secure the retirement income of 255,000 active and retired teachers of the province of Ontario, Canada.

Northumbrian Water’s Managing Director, John Cuthbert, said:  “We have enjoyed a long and successful relationship with Suez and are delighted that Ontario Teachers’ have shown such faith in the strength of our company.

“It is pleasing to see that they have recognised the focus of the company and the commitment they have given us.  This announcement will not affect the day-to-day running of the business.”

Jim Leech, Senior Vice-President of Ontario Teachers’, said:  “We are interested in making long-term investments in the water sector and are delighted to become a significant shareholder in Northumbrian.  We are particularly attracted by the company’s focus on its regulated utility activities and the strength of its management team. 

“As a shareholder in Northumbrian, we intend to support fully the company and its continuing progress as an independent leading water and sewerage company in the United Kingdom.”

For further information contact Cara Hall 0191 301 6720.