Antofagasta PLC Sale of Water Division (1588L)
April 23 2015 - 9:35AM
UK Regulatory
TIDMANTO
RNS Number : 1588L
Antofagasta PLC
23 April 2015
NEWS RELEASE, 23 APRIL 2015
SALE OF WATER DIVISION
Antofagasta plc is pleased to announce the sale of Aguas de
Antofagasta S.A. (ADASA), its water division, to Empresas Públicas
de Medellín (EPM) for a total cash consideration of CLP 596 billion
or approximately $960 million before taxes and transaction costs.
The sale is subject to certain standard conditions and the approval
of Empresa Concesionaria de Servicios Sanitarios S.A (ECONSSA), the
grantor of the water concession, and is expected to be completed by
the end of May 2015.
ADASA provides potable desalinated water to domestic and
commercial customers under a 30 year concession in Chile's
Antofagasta region. The division contributed $63.6 million to the
Group's 2014 profits before tax, with EBITDA of $75.1 million. The
gross assets of the division as of 31 December 2014 are
$212.4million.
EPM is an electricity, gas, water and sanitation provider owned
by the city of Medellín that delivers these services to over 20
million people in Colombia, El Salvador, Guatemala, Mexico and
Chile.
Diego Hernandez, CEO of Antofagasta plc said, "We are very
pleased to announce the sale of ADASA to EPM following a formal
competitive sale process. This sale will allow Antofagasta to focus
even more closely on its mining business and to advance its various
development projects, whilst reinforcing the strength of our
balance sheet."
____________
Investors - London Media (Brunswick)
Andrew Lindsay alindsay@antofagasta.co.uk Carole Cable antofagasta@brunswickgroup.com
Paresh Bhanderi pbhanderi@antofagasta.co.uk Robin Wrench antofagasta@brunswickgroup.com
Telephone +44 20 7808 0988 Telephone +44 20 7404 5959
Investors - Santiago
Alfredo Atucha atucha@aminerals.cl
Telephone +56 2 2798 7000
____________
This information is provided by RNS
The company news service from the London Stock Exchange
END
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