City of Tallinn and OÜ Utilitas entered into an agreement to acquire an additional 35.3% stake in AS Tallinna Vesi (TLSE:TVEAT) from United Utilities (Tallinn) B.V. for approximately €100 million on February 3, 2021. Under the terms, United Utilities (Tallinn) B.V. will transfer 7.1 million A-shares in AS Tallinna Vesi to City of Tallinn and OÜ Utilitas in equal parts at a price of €14.2 per share. As on February 3, 2021, Tallinn City owns 6.9 million shares of AS Tallinna Vesi and OÜ Utilitas does not own any AS Tallinna Vesi shares. As a result of the transaction, the City of Tallinn will hold 10.5 million A-shares in AS Tallinna Vesi and 1 B-share, representing 52.35% of the share capital of AS Tallinna Vesi and OÜ Utilitas will hold 3.5 million A-shares in AS Tallinna Vesi, representing 17.65% of the share capital of AS Tallinna Vesi. The Supervisory Board of Tallinna Vesi will continue to have nine members, of which four will be held by the City of Tallinn, three by Utilitas and two by independent members. As per City of Tallinn AS Tallinna Vesi remain a listed company. The share sale and purchase agreement shall take effect in its entirety as of the approval of the Transaction by the Tallinn City Council. The completion of the Transaction is also subject to the receipt of the approval of the Estonian Competition Authority. Following the completion of the transaction and the receipt of the necessary approvals from the Financial Supervision Authority, the City of Tallinn and Osaühing Utilitas will jointly undertake a mandatory tender offer in respect of shares held by minority shareholders of AS Tallinna Vesi. On February 11, 2021, Tallinn City Council approved the deal. The Estonian Competition Authority approved the transaction on March 9, 2021. As of February 3, 2021, the transaction will be completed by April 2021. As of February 11, 2021, the estimated completion of the transaction shall take place in March 2021. Proceeds of the sale will support United Utilities in taking further steps to improve services for customers and communities in the north west of England, helping to drive a green recovery for the region. Superia Corporate Finance acted as financial advisor and TRINITI acted as legal advisor to City of Tallinn and Utilitas. Cobalt Legal acted as legal advisor to Utilitas. Ernst & Young LLP acted as an accountant and Slaughter and May and Ellex Raidla acted as legal advisors to United Utilities. City of Tallinn and OÜ Utilitas completed the acquisition of an additional 35.3% stake in AS Tallinna Vesi (TLSE:TVEAT) from United Utilities (Tallinn) B.V. on March 31, 2021. City of Tallinn and OÜ Utilitas own in total 14 million ASTV A-shares, representing 70% of all ASTV A-shares and ASTV’s only B-share. Utilitas will appoint two new members of the supervisory board, Priit Koit and Niall Patrick Mills.