iCON Infrastructure: Sale of the Sutton and East Surrey Water Group (“SESW Group”)

LONDON--(BUSINESS WIRE)--Aqueduct Capital (UK) Limited (“Aqueduct”) announced today that it has agreed to sell the SESW Group to Sumitomo Corporation for a consideration of £164.5 million.

The SESW Group comprises Sutton and East Surrey Water plc (“SESW”), a regulated water supply company serving 655,000 customers in the South East of England, as well as a number of complementary associated businesses and property interests. Aqueduct is owned by infrastructure funds advised by iCON Infrastructure LLP, pension funds managed by the Public Sector Pension Investment Board and pension, endowment and government funds managed by Alberta Investment Management Corporation.

Anthony Ferrar, Managing Director of SESW, said:

“Aqueduct is leaving SESW well positioned for the future after several years of ownership during which time the team at SESW has enjoyed and benefited from their strong support. We are delighted to welcome Sumitomo Corporation and are looking forward to working with them to continue to achieve our objectives of delivering high quality water, long-term security and customer service in an efficient manner.”

Paul Malan, Senior Partner of iCON Infrastructure LLP, said:

“We and our fellow shareholders are privileged to have been involved in the SESW Group over the past seven years. During this time, we have tremendously enjoyed working with the excellent team to achieve outstanding outcomes for all of its stakeholders, including successfully delivering on a substantial investment program which positions the company well for the future. We are pleased to be able to pass ownership of the SESW Group to a new owner of the strength and reputation of Sumitomo Corporation, with its high aspirations for this critical business, its people and its customers.”

Citigroup Global Markets Limited and Freshfields Bruckhaus Deringer LLP advised Aqueduct and its shareholders in relation to the sale.

Notes to Editors:

The SESW Group comprises Sutton and East Surrey Water plc, a regulated water only company serving 655,000 customers, over an area of 835 sq km in the South East of England and employing 230 people as well as a number of complementary associated businesses and property interests. In the year ended 31 March 2012, the SESW Group achieved turnover of £68 million. Further information is available at: www.waterplc.com.

iCON Infrastructure LLP is an independent investment firm focused on investments in core infrastructure across Europe and North America. It was formed by a team of infrastructure investment specialists spun-out from Deutsche Bank which has been responsible for over €2.5 billion of investment in infrastructure since its establishment in 2004. Investments owned by iCON Infrastructure’s funds include interests in The Porterbrook Partnership, CLH and Mountaineer Gas Company. iCON Infrastructure’s investment partners include globally recognised pension funds, asset managers and insurance companies. Further information is available at: www.iconinfrastructure.com

The Public Sector Pension Investment Board (“PSP Investments”) is one of Canada’s largest pension investment managers, with approximately $68 billion of assets under management as at 30 September 2012. PSP Investments invests funds for the pension plans of the Canadian Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. It manages a diversified global portfolio including stocks, bonds and other fixed-income securities, and investments in Private Equity, Real Estate, Infrastructure and Renewable Resources. Further information is available at: www.investpsp.ca

Alberta Investment Management Corporation (“AIMCo”) is one of Canada’s largest and most diversified institutional investment fund managers, with an investment portfolio of approximately $70 billion. AIMCo invests globally on behalf of its clients, 28 pension, endowment and government funds in the Province of Alberta, Canada. Further information is available at: www.aimco.alberta.ca

Citigroup Global Markets Limited, which is authorised and regulated in the UK by the Financial Services Authority, is acting for Aqueduct Capital (UK) Limited and its shareholders and no-one else in connection with the sale of the SESW Group and will not regard any other person as a client in relation to the sale and will not be responsible to anyone other than Aqueduct Capital (UK) Limited and its shareholders for providing the protections afforded to its clients or for providing advice in relation to the sale or any matters referred to in this statement.