Azurix Corp.
Utilities - Houston, Texas, United States
Azurix Corp. Employees
Azurix Corp. Details
Azurix was formed when Enron Corporation purchased the British water utility Wessex Water in July 1998 with an all-cash purchase of $2.4 billion. This formed the core of Azurix and its main asset. Wessex was one of the most profitable utility companies operating in the UK, earning $232 million profit on $436 million in revenues the year before its sale to Enron. In June 1999, Azurix was part-floated on the NYSE stock exchange, with Enron retaining 34% ownership. The company was formed with an IPO of $800 million and an opening stock price of $22.00. April 2001 Enron announced it would buyback Azurix and sell its assets. Azurix subsequently sold its interest in Wessex Water in May 2002 to YTL Corporation of Malaysia.Between 1999 and 2003, Azurix owned and operated various concessions Mexico, Brazil, Argentina, Ghana, among others. In addition, Azurix maintained significant operations in the US including Azurix North America and Azurix Industrial Operations which were sold to American Water Works for $141.5 million. In 2006 Azurix was sold to a NY investment consortium comprised of Satellite Asset Management and Deutsche Bank North America Inc. The company was formally dissolved in 2018.
