At the EGM of National Toll Roads (NTR) today, shareholders approved the acquisition of a 76.9% stake in Celtic Utilities Ltd.
NTR, which has the rights to the East Link and West Link toll bridges in Dublin, bought the 77% stake in Celtic Utilities from entrepreneur John Gallagher, who will join the board of NTR as a non-executive director.
Celtic Utilities is an environmental company specializing in water and waste water and is valued at about 62 million euro, and the acquisition is subject to the final approval of Enterprise, Trade & Employment Minister Mary Harney.
Jim Barry, NTR's chief executive said the purchase was 'very significant' and would 'consolidate our position as the leading developer of public enterprise in Ireland'.
Mr Barry said that it would continue the transformation of NTR into a broad based developer and operator of infrastructure in Ireland. He said: 'NTR will now hold leading positions in the roads, waste management, energy and water/wastewater sectors in Ireland.'
ICC Equity Partners will retain the remaining stake in the company. The stake will be paid for with shares in NTR as well as a loan note of 38 million euro and cash of one million euro.
NTR already has a waste management joint venture with Celtic Utilities called Celtic Waste.
