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.”
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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.
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“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).
