Sumitomo, the Japanese-based trading giant said that it has bought the Britain-based water supply and distribution firm Sutton & East Surrey (SESW). The Japanese company has reportedly bought the firm for $455 million.
In a statement Sumitomo revealed that the company, along with its European subsidiary has bought 100% of East Surrey Holdings, which owns SESW. The statement added, “Sumitomo will be involved in the operation and management of SESW and will endeavor to contribute to improve quality of service by leveraging Sumitomo’s extensive water sector experience”.
However, the Japanese company has not revealed the actual purchase price. The leading Nikkei business daily has estimated the deal to be 42 billion yen.
On the other hand, the British firm was established in the year 1862 and supplies drinking water to about 655,000 residential as well as business firms. The statement also said that Sumitomo will continue to seek potential opportunities in water concessions across the globe, while pointing to its water supply in Asia and the Middle East. Sumitomo is considered to be one of the largest worldwide trading companies and is a diversified corporation. It is headquarters lie on the Harumi Island in the Triton Square office tower in Tokyo, Japan and was incorporated in the year 1919.