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SAN DIEGO, CA-In a move to exit the services business and focus on its core business of residential real estate, the German real estate company Viterra AG Group is selling its wholly owned subsidiary Viterra Energy Services to British investment firm CVC Capital Partners for $1 billion.

The sale, which is retroactive from January 1, 2003 and includes liabilities of approximately $92 million, is subject to approval by the Supervisory Boards and the Federal Cartel Office. According to a Viterra Energy Services spokesperson, the transaction is expected to close within one to two months.

Viterra Energy Services, which has its US headquarters based in San Diego, provides one-stop integrated services for the metering and billing of water and energy. The company, which employs approximately 3,700 people, is represented in 28 countries. It increased its sales by 10.6% in 2002 to nearly $500 million and posted an operating profit of $113 million.

“The sale of Viterra (Energy Services) to CVC Capital Partners will enable us to move into new markets in the US and abroad as well as strengthen and expand our position as global market leader,” says Mike Clements, president of Viterra Energy Services.

Buyer CVC Capital Partners is an independent multinational equity firm with 11 European offices, as well as one branch located in Asia Pacific. It currently manages more than $9.5 billion in equity capital and has completed more than 225 investments valued in excess of $35 billion since its inception in 1981.

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