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European Commission sets out its water reuse vision

The European Commission estimates that an investment of less than €700 million would be required in order to boost the volume of wastewater reused in the EU from a baseline of 1.7 million m3/year to 6.6 billion m3/year.

It is proposing to introduce a new regulation which would establish minimum quality requirements for urban wastewater treated for reuse in...

Techem valuation beats ista as deal multiples climb

Macquarie has agreed to offload its German energy and water sub-metering business Techem to a consortium of Partners Group, CDPQ and Ontario Teachers’ Pension Plan for €4.6 billion, or around 14.4 times adjusted EBITDA.

While EBITDA has doubled since Macquarie took Techem off the stock exchange in 2008, the company’s revenues have grown from €559.4...

$37 million deal brings Kurita new digital expertise

Kurita Water Industries has agreed to invest approximately $37 million in US predictive maintenance start-up Fracta, in return for a 50.1% stake, meaning that Fracta will become a subsidiary of the Japanese chemicals and ultrapure water specialist.

The capital raised through the transaction will be used to enhance sales and strengthen Fracta’s predictive...

S$133.5m Moya rights issue to fund new concessions

Singapore-listed project developer Moya Holdings Asia, which is controlled by Indonesian billionaire Anthoni Salim through Tamaris Infrastructure, has announced plans for a rights issue to raise up to S$133.5 million (US$99 million).

Under the deal, which will see one new share offered for every two existing ordinary shares, Tamaris has irrevocably undertaken to...

UK water utility results season off to a solid start

The two largest publicly listed UK water utilities this week reported solid – if unspectacular – financial results for 2017/18.

Severn Trent’s underlying profit before interest and tax rose by 4% to £541 million from £521.1 million in 2016/17, on revenues that were up 3.4% from £1,638 million to £1,694 million.

The...

Moody’s fires new warning shot over Ofwat proposals

Ofwat’s plans for the next price review will undermine a regulatory regime that has governed the UK water industry since its privatisation in 1989, Moody’s warned this week.

As well as slashing allowed company returns, Ofwat is proposing to claw back any financial benefits that accrue from highly leveraged capital structures. Moody’s maintains that...