Half of South East Water Goes up for Sale at £200m
Published on by Water Network Research, Official research team of The Water Network in Business
A half-share in South East Water, provider of water to more than two million customers across southern England, is up for sale for around £200 million.
Two Canadian investors have hired Canadian bank RBC and PricewaterhouseCoopers to sell their combined 50% stake in the company, which is the UK’s largest water-only firm, industry website InfraNews reports.
Caisse de Dépôt et Placement du Québec, a pension-fund manager, is selling a 37.5% stake while a further 12.5% is being sold by the Desjardins Employees pension fund.
South East Water has 2.1 million customers across Kent, Sussex, Surrey, Hampshire and Berkshire.
CDPQ bought a 50% stake in the water company in 2010 from funds managed by Westpac-owned Hastings Funds Management for £165 million, afterwards selling 12.5% to Desjardins.
South East Water’s parent, HDF, recently saw pre-tax profits halve to £10.5 million, after rising costs and lower bills.
Source: Evening Standard
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- Business Strategy
- Stakeholder Engagement
- Mergers & Acquisition
- Sales