TALLINN — British water company United Utilities, the biggest shareholder in Tallinn Water Company (Tallinna Vesi) with  26.5 percent of the shares, reported Monday that it will sell their part in the company.

The ownership will remain in U.K. hands, though as the shares will be sold to Veolia Water UK PLC along with the shares in Bulgaria’s Sofiyska Voda AD, Poland’s Aqua Spolka Akcyinas and several water companies in the United Kingdom. The whole deal is worth £174.2 million (€209.5 million), but £65.6 million (€79 million) will go for debts taken over by the buyer, while £10 million (€12 million) will be transferred later after some terms have been fulfilled.

Both companies hope to finish the deal by the end of 2010, but it all depends on several agreements and authorizations.

This article is free to view. To read Baltic Reports’ subscription-only articles, click here.