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THAMES WATER has picked US investment firm KKR as its “preferred partner” in a bid to fight off renationalisation.
The privatised utility, which recently went through court proceedings to secure a £3 billion bailout, is hoping to finalise the terms of a possible deal with KKR in the second quarter of this year and aims to complete it in the second half of 2025.
The US private equity firm is understood to have lodged a £4bn equity bid in return for a majority stake.
We Own It founder Cat Hobbs said: “If KKR secure a £4bn stake in Thames Water, this will do nothing to change the picture.
“They will still be drowning in over £16bn of debt, still trying to dodge environmental fines and will still prioritise shareholders over bill-payers and the environment
“The government has ducked the issue for too long — special administration to slash the rotten debt, then full public ownership, is the only way to reverse this catastrophe.”
Thames Water said there was still “no certainty” over a deal, adding that “certain senior creditors continue to progress in parallel alternative transaction structures to seek to recapitalise the business.”
