Thames buys EDP’s stake in Essel

RWE THAMES WATER acquired a majority stake in the Chilean water utility, Essel, at the end of last year by buying out the 25.5% stake held by Electricidade de Portugal (EDP). Thames paid EDP $70 million for the shareholding, to give it an overall 51% stake in Essel.

The remaining 49% of Essel will remain in the hands of Corfo, the Chilean government development agency. Essel, based in Rancagua, provides water and wastewater services to over 500,000 people in Chile’s Region VI. The company’s turnover in 2000 was $15 million.

RWE Thames commented that the relatively high purchase price was normal in the water sector ...

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