Osaka Gas Co. said Monday it will buy a big stake in a utility supplying tap water to London and surrounding areas from Sumitomo Corp.
By acquiring a 50 percent stake in Summit Water U.K. Ltd., the parent of Sutton and East Surrey Water PLC, Osaka Gas is becoming the first Japanese gas utility to enter a municipal tap water business overseas.
Osaka Gas will pay ¥14 billion to Sumitomo Corp. for the 50 percent stake in Summit Water UK.
Sutton and East Surrey supplies water to 280,000 households and offices.