Water company sold in �1.2bn deal
A WATER company which supplies Comet country residents has been bought in a deal worth �1.2bn.
Veolia Environnement has sold a majority stake in its UK regulated water businesses – Veolia Water Central, East and Southeast – to consortium Rift Acquistions.
The takeover will result in a change of name and brand over the coming weeks, although it is not yet known to what.
A spokesman for Veolia Water Central said he expected it to be “business as usual” and that job losses were not planned.
He said: “As far as we’re concerned the company is buying us as a going concern and is fully committed to supporting us to provide the highest level of service.”
You may also want to watch:
Veolia’s three million customers will see little difference too, especially as water prices are regulated by Ofwat, not individual companies.
The spokesman said: “Although the name will be different, customers should be unaffected by the change in ownership.
- 1 Taser video: Officer's actions which left man with injuries 'deemed appropriate'
- 2 A505 driver escapes without serious injury after head-on crash
- 3 Arrest made and 350 cannabis plants seized after raid in Letchworth
- 4 Council criticised for 'shoddy' underpass paint job
- 5 'Important milestone' reached in building of John Barker Place
- 6 History buffs celebrate town's historic buildings
- 7 Glimpses of the past: Exploring Hitchin from 1910 - 1950
- 8 Where in Hertfordshire are the most incidents of weapon possession?
- 9 Walk-in and booster vaccine slots available this week
- 10 Stevenage's annual fireworks display returns on Bonfire Night - November 5
“The tariffs charged to customers for their water service will continue to be determined by the industry regulator, Ofwat.”
As part of the sale, Veolia has retained a 10 per cent shareholding in the business.
The French firm will now focus on its commercial outsourcing business.
Rift Acquisitions is a consortium led by Infracapital Partners and Morgan Stanley Infracstructure Partners.
Infracapital is the infrastructure investment fund managed by M&G (the European investment arm of Prudential plc).