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Thames Water has introduced that US personal fairness agency KKR won’t proceed with a deliberate deal to inject billions of kilos of fairness into the utility, throwing the way forward for Britain’s largest water utility into doubt.
Thames Water in late March chosen KKR as its most popular companion for an fairness recapitalisation deal, beneath which the US agency would take over the near-insolvent utility and rescue it from the brink of nationalisation.
Nevertheless, on Tuesday Thames Water mentioned that “KKR has indicated that it’ll not be able to proceed, and its most popular companion standing has now lapsed”.
Thames Water has additionally been discussing a backup recapitalisation plan with its senior lenders. The utility mentioned on Tuesday that it “intends to progress discussions” on this plan with water regulator Ofwat and “different stakeholders”.
This can be a growing story