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NT Bureau
Chennai, Jan 16:

        United Utilities has reached an agreement on the sale of Vertex Data Science Limited (Vertex), its business process outsourcing subsidiary, to a consortium of US-based private equity firms led by Oak Hill Capital Partners (Oak Hill Capital consortium).

        Total consideration for the sale is 217.5 million pound comprising cash, the repayment of intra-group debt and the retention by the purchaser of certain liabilities of Vertex.

        The completion of sale is expected by the end of March 2007. Commenting on the sale, Ashish Taneja, chief executive officer, Vertex India, said, 'We are positive that Vertex will benefit from the investment that Oak Hill brings as they are experienced in developing businesses in the BPO market in India. This really is an exciting opportunity to take our business forward.'

        Speaking on the occasion, Dan Sandhu, chairman, Vertex India, said, 'The buyout by the Oak Hill consortium represents a natural evolution in the development of Vertex and with eleven years of successful growth behind us, the future is looking exceptionally bright.

        We hope to leverage Oak Hill's expertise to expand our footprints into newer geographies.'

        Chief executive of United Utilities, Philip Green, said, 'We believe this transaction serves the best interests of our shareholders, allowing the group to concentrate on its core skills. We aim to be a world class operator of utility infrastructure.'

        Under United Utilities' ownership, Vertex has moved from an in-house service provider to establish itself as one of the leading business process outsourcing companies in the UK. The sale to the Oak Hill Capital consortium represents a natural evolution to the next stage of its development under specialised ownership.