KKR will not proceed with a planned deal to inject billions of pounds of equity into Thames Water, throwing the future of Britain’s largest water utility into doubt on a day that the sector’s troubles were thrown into sharp relief by an official review.
Thames Water had selected the US private equity firm in March as its preferred partner for a ￡4bn recapitalisation deal, under which KKR would take over the near-insolvent utility and rescue it from the brink of nationalisation.
However, Thames Water said on Tuesday that “KKR has indicated that it will not be in a position to proceed, and its preferred partner status has now lapsed”.
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