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02 November 2004

Mott MacDonald advises CKI and United Utilities on purchase of North of England regional gas network

A consortium including Cheung Kong Infrastructure (CKI) and United Utilities has signed a £1.4 billion sale and purchase agreement with NGT Transco for the north of England gas distribution network. Mott MacDonald was engaged by the consortium, on behalf of the financial advisor, to conduct an independent technical and environmental review of the project prior to contract signing in September 2004. This is one of three transactions through which Transco will divest its interest in four out of eight of its UK regional gas networks.

Mott MacDonald’s role focused on identifying and evaluating the technical risks associated with the proposed transaction, together with all technical environmental and regulatory aspects. Prior to the consortium’s bid submission, Mott MacDonald carried out a detailed technical due diligence which included advice on potential performance impacts to be incorporated in the bid financial model and a review of cost projections and practical arrangements for future operation of the network.

Mott MacDonald continues to provide advisory services through a period of financial syndication. Further due diligence is required to finalise the contractual arrangements. Ownership transfer is scheduled for June 2005.

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