UK Utility Concern Sells Debt Collection Arm
United has unloaded Vertex to a consortium of US-based private equity firms led by Oak Hill Capital.
United Utilities, a large UK energy concern, is dropping a little weight in the New Year in the form of its debt collection BPO arm, Vertex.
United has unloaded Vertex to a consortium of US-based private equity firms led by Oak Hill Capital.
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The price tag: £217.5m (US$427 m). And as part of the deal, the consortium will take on a portion of Vertex’s existing debt.
Investment bank Merrill Lynch was selected to present Vertex to the market, and also to conduct the auction that eventually resulted in the sale.
According to the UK-based Telegraph, “The sale will allow United chief executive Philip Green to focus the business on its core activities of operating its electricity networks and water assets.”
In 2004, Vertex purchased a U.S.-based debt collection firm, First Revenue Assurance.
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