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AZURIX CORP. ACQUIRES PHILIP UTILITIES MANAGEMENT CORPORATION, INTEGRATED WATER AND WASTEWATER SERVICES PROVIDER
FOR IMMEDIATE RELEASE: Friday, March 26, 1999
HOUSTON – Azurix Corp., an affiliate of Enron Corp., announced today that it has entered into an agreement to acquire 100 percent of the stock of Canadian-based Philip Utilities Management Corporation (PUMC) for approximately $107 million. PUMC has $13 million in corporate debt, which brings the transaction value to $120 million.
PUMC, an integrated provider of water and wastewater services in the United States and Canada, specializes in engineering and contract operations, residuals management and underground infrastructure development for water and wastewater facilities. The company provides long-term operating and facilities management services for the operation and maintenance of 18 water and wastewater facilities for municipalities in North America.
Upon completion of the transaction and through its ownership of PUMC, Azurix will participate in water projects and activities in a variety of U.S. and Canadian markets. In addition to providing contract operations in these markets, Azurix will operate the largest design-build-operate water project in North America, the 120 million-gallon-per-day Tolt River water treatment plant in Seattle. It also will operate water and wastewater facilities serving a population of 500,000 in Hamilton-Wentworth, Ontario. Azurix will participate in the Texas market through PUMC’s residuals management company and two small water distribution utilities near Houston.
“This transaction supports our global strategy of not only owning and operating water and wastewater assets but providing related services to municipalities and industrial customers who are increasingly seeking to outsource their water supply and wastewater treatment needs,” said Rebecca P. Mark, chairman and CEO of Azurix. “We look forward to building upon PUMC’s success in these areas and believe this transaction will provide a platform for the expansion of our North American activities.”
Subject to regulatory and municipal approvals and other third party consents, the transaction is expected to close within 60 days.
Azurix is a global water company that owns, operates and manages water and wastewater assets, provides water and wastewater related services, and develops and manages water resources. Azurix maintains headquarters in Houston and London.
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For additional information please contact:
Diane Bazelides
(713) 345-5209
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